Generali and the United Nations Development Programme (UNDP) have joined forces to introduce the “Insurance Innovation Challenge Fund” (IICF) in Malaysia.

This initiative invites proposals from participants across the country, with a focus on inventive insurance solutions designed to enhance the resilience of small and medium-sized enterprises (SMEs).

The submissions sought should provide sustainable, long-term solutions aimed at safeguarding SMEs from climate-related and other risks. This can be achieved through the expansion of existing solutions, collaboration with diverse distribution channels, and the integration of new technological advancements.

The insurance products can encompass various areas, such as protection for stock and machinery, business continuity, staff, and coverage for specific or multiple risks.

The IICF aims to facilitate and incentivise the development of at least two innovative solutions via an open selection process within Malaysia. Winners will receive awards of up to US$40,000, which includes both financial support and technical assistance to aid in the development of their proposed solutions.

Interested participants keen on applying for the IICF can submit their applications and supporting documents to irff.challenge@undp.org by 27 November 2023.

To address any queries related to the IICF, two virtual Q&A briefing sessions are scheduled for 31 October 2023, and 8 November 2023, at 3:30 pm.

Fabrice Benard, CEO of Generali Insurance Malaysia said,

“It is important for us, as a responsible insurer and citizen, to use our skills, resources and expertise to create opportunities for them to grow and empower them with access to insurance and risk mitigation solutions.

 

Together with UNDP, we hope to bring in ideas through this meaningful initiative and source collective ways to boost the protection gap and drive resilience for the SMEs.”