A team of MBA students from Alliance Manchester Business School won the Emerging Markets Prize worth £7000 at the recent Climate Investment Challenge at Imperial College London.
The Climate Investment Challenge, hosted by Imperial College Business School, is a global competition for students to create innovative financial solutions for climate change.
Innovation
The Emerging and Developing Markets Prize calls on students to use innovative financial instruments or existing financial tools to address an underserved climate change issue within a specific emerging and developing market.
Protect
The team, made up of Yasar Khan, Sarah Ovenden, Joanna Bailet, Soumya Bhatia, Jacqueline Saito and Will Ovenden (from Newcastle University), named themselves ‘Miaro’, which is a Malagasy word translating to “protect” in English.
Miaro’s mission is to maximise the impact of climate investments and channel finance towards regions and communities that need it the most. Their product is a blended micro-insurance, which, unlike traditional insurance, funds local risk reduction projects, reducing insurance costs whilst increasing the financial resilience of local communities in emerging markets.
Yasar Khan said: “During a field visit near Nasauvuki island of Fiji in the Pacific Ocean last year, I engaged with coastal communities, where one resident voiced the urgent need for funds to construct sea walls. Witnessing the tangible effects of climate change firsthand inspired me to seek solutions.
“As we discussed the problem, I learned about the brilliant Pacific Insurance and Climate Adaptation Programme of the United Nations Capital Development Fund which is designed to shield coastal communities from climate-induced disasters through better insurance coverage. This sparked an idea for me: could an insurance model simultaneously address urgent community needs, such as funding for sea walls? Our presentation showcased our solution to this pressing issue, tailored for Madagascar.”
Madagascar ranks 167 out of 182 countries in terms of vulnerability and readiness to adapt to climate change, and only 2.69% of the population is covered by formal insurance.
Joanna Bailet said: “Micro-insurance is a crucial financial tool that can shield low-income communities, who are often highly vulnerable to climate change, from severe financial losses. Current insurance products are often inaccessible and come with high premiums, making them impractical for many. The lack of funding for community-level green and climate risk-reduction projects exacerbates the problem, creating a lose-lose situation for both the insured and insurers.
“Miaro is not just about financial protection; it's about empowering communities to actively build a more resilient future.”
On winning the Emerging Markets Prize, Will Ovenden said: “We're delighted to have won the prize and owe a great deal of gratitude to staff at AMBS and Newcastle University for their support along the way. The CIC is a fantastic competition, and the finale was really exciting. I was eager to participate because it provided me with a great opportunity to learn more about the financial aspects of sustainability. It was great to learn from the team's expertise and experience across various industries and I would strongly encourage people to get involved next year.”
Naomi Blackwell, MBA Assistant Director at Alliance Manchester Business School, said: “Climate impact is an important global challenge and the intersection with business is an area that our MBA students are motivated to explore during their studies as they look to make a real difference in their future career.
“Miaro is a brilliant example of how business education can combine with global awareness and passion for change to create valuable community-based solutions. I am very proud of the team’s participation in the Climate Investment Challenge; they have shown real dedication, collaboration and strategic thinking to develop their innovative microfinance solution. Warm congratulations to Team Miaro and all of the participants.”