Novaseg Launched to Drive Financial Inclusion in Colombia

POSTED 23 September, 2025
NovaSeg banner image

Overview

NovaSeg is an insurance innovation lab designed to close the financial protection gap in Colombia by creating, testing and scaling inclusive solutions. It is proudly supported and co-led by Fasecolda (Colombian Federation of Insurers), Banca de las Oportunidades (the national program to promote financial inclusion), UNDP Colombia and UNDP’s Insurance and Risk Finance Facility.

Through collaboration across the insurance ecosystem in Colombia, NovaSeg is ensuring that vulnerable communities and micro-, small- and medium-sized enterprises (MSMEs) can access affordable insurance products that strengthen their financial well-being and resilience. Beyond increasing financial inclusion in Colombia, the Lab is also using innovative insurance products and services to facilitate the protection of biodiversity-related investments. 

 

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"NovaSeg is more than a lab - it's a movement to ensure insurance reaches those who need it most. By embedding innovation and collaboration as core pillars, we are building a future where financial protection is accessible, affordable, and transformative."

Paola Arias , Director, Banca de las Oportunidades, Colombia

NovaSeg in Action

NovaSeg is currently working with Banco Agrario, Axa Colpatria and Correcol developing an insurance product in the tourism sector that protects the infrastructure and assets, telemedicine and disability coverage to their employees, and medical guidance to their clients. Also, together with Sura Seguros and WWF, the lab is giving technical assistance for the Water Insurance initiative, a preventive parametric insurance scheme that seeks to protect páramo ecosystems against fires. And the Sencillo insurance and credit product is being co-lead with Fundacion Entre Amigos, Colmena Seguros and Bemovil, designed to improve financial inclusion for shopkeepers by offering revolving credit of up to 5,000,000 Colombian pesos, includes flexible payment options, and an embedded insurance against damage to furniture and equipment, fire, explosion, theft, flood or natural damage.  

 

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Insurance Products Under Development

Focusing on the protection of shopkeepers, small hotels and biodiversity investments 

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Innovation Challenges Launching in 2025-27

Focusing on user experience in distribution channels, climate change adaptation and mitigation, and insurance design according to demand needs

2.5k

Training Program Participants

Building insurance, risk finance and actuarial capacities 

54k

Projected Beneficiaries

Impacting People through Insurance Products

Public and Private Collaborators

NovaSeg actively encourages participation from actors in the insurance value chain including insurers, cooperatives, industry associations, insurtech, reinsurers, large retail stores, and other participants involved in the marketing, operation, and support of insurance products. Public and private collaborators of the Lab include:  

other

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