Generali and the UNDP have launched the “Insurance Innovation Challenge Fund” (IICF) in Malaysia, inviting nationwide proposals for innovative insurance solutions to bolster SMEs’ resilience.
Entrants should propose sustainable solutions to protect SMEs against climate and other risks, either by expanding existing solutions or partnering with diverse channels and integrating new technologies. Offerings may include coverage for stock, machinery, business continuity, staff, or various risks.
The IICF will accelerate the development of at least two solutions through an open selection process. Winners will receive up to US$40,000, including financial and technical support to advance their solutions.
Excited by this initiative with UNDP, Fabrice Benard, CEO of Generali Insurance Malaysia Berhad, emphasizes Generali’s commitment to promoting insurance as a tool for financial inclusion among vulnerable SMEs. He notes that SMEs, making up about 97% of Malaysia’s businesses, are crucial to the economy and a priority for Generali. In collaboration with UNDP, they aim to bridge the protection gap and enhance resilience for SMEs.
Since 2022, Generali and UNDP have been crafting global insurance and risk finance solutions. They are now developing a loss prevention framework for SMEs to harness data for risk understanding. Alongside the IICF, an Asian edition of Generali’s SME EnterPRIZE project is underway, following its success in Europe.
Interested participants can apply for the IICF by emailing irff.challenge@undp.org by 27 November 2023. Two virtual Q&A sessions are scheduled on 31st October 2023 and 8th November 2023 at 3:30 pm. For more information, visit the IICF website.
