Global insurer Generali and the United Nations Development Programme (UNDP) launch the “Insurance Innovation Challenge Fund” aimed to facilitate and incentivise the development of innovative insurance solutions in Malaysia.
At the same time, together with UNDP, Generali has also expanded its flagship SME EnterPRIZE project to Asia.
The insurer’s partnership with UNDP looks to boost resilience in small and medium-sized enterprises (SMEs) against climate change, and reduce the protection gap for vulnerable communities.
The “Insurance Innovation Challenge Fund” was launched, will facilitate and incentivise the development and launch of innovative insurance products and services in Malaysia through an open selection process in the country.
Following this, the winners will be provided with $100,000 USD for the first year to support the development of insurance solutions, including financial and technical support.
The SME EnterPRIZE Asia edition will be focused on countries across the Asia region, with the programme expanding geographically, building on the engagement that Generali has carried out with thousands of SMEs from across Europe, to celebrate and boost a culture of sustainability in those businesses.
Jaime Anchústegui Melgarejo, CEO International of Generali, commented: “SMEs are the bedrock of the Asian economy, yet despite their contribution to socio-economic growth development, they remain highly vulnerable to risks.
“Insurance provides the safeguard that businesses need to flourish in the face of those risks, boosting economic development and prosperity. This innovative partnership with UNDP is seeing Generali utilise its expertise from across the world, and locally in Asia, to help boost an insurance culture which will be essential for the region’s future success.”
According to the announcement, the next months will see the Generali-UNDP partnership issue the first parametric insurance framework for alignment criteria to the overall SDG Agenda.
This will be followed by a Generali commitment on the parametric solutions supporting the UN’s Sustainable Development Goals.
Jan Kellett, Team Leader, UNDP’s Insurance and Risk Finance Facility, said: “As the hazards and shocks driven by our changing climate become increasingly frequent, the role of insurance to protect low-income communities has never been more critical.
“With the Insurance Innovation Challenge Fund in Malaysia, UNDP and Generali are venturing into new territories of insurance products and markets, harnessing the power of innovation to build the financial resilience of the small and medium business community, the bedrock of employment and economic growth.
He added: “In leveraging the significant expertise and experience of the insurance industry, exemplified by Generali, this public-private partnership has the potential to foster economic development, resilience, and prosperity in regions like Asia.”
