Design Health Micro-Insurance That Works for Nigeria's Informal Workers

The National Health Insurance Authority has expanded coverage targets but primarily reaches formal sector workers. The 80 million Nigerians in informal employment — market traders, artisans, domestic workers, transport workers — have almost no affordable health insurance option. Out-of-pocket health payments are either foregone (causing illness to become severe) or catastrophic when they happen. Your challenge is to design a health micro-insurance product for informal workers in Nigeria. It must accept daily premium contributions as small as ₦50, cover outpatient visits and hospitalisation at accredited facilities, process claims within 48 hours, and price premiums actuarially while remaining below ₦3,000 per month per adult. Submit a financial product design document (max 12 pages) including: the benefit package, premium calculation methodology, daily collection mechanism, healthcare facility network, claims process, reinsurance approach, distribution channel through market associations or trade groups, and a plan to enrol 50,000 members in 12 months. Judging criteria: 35% actuarial credibility of premium and benefit design, 30% daily collection and claims design, 20% healthcare facility network, 15% distribution model.