- Successful applicants will be awarded up to US$40,000.
- Technical assistance to support the development of the idea.
- Possibility to access the UNDP global presence (+170 countries) and networks to help support the selected solutions.
- Promising solutions could later be considered for further engagement as part of UNDP’s Insurance and Risk Finance Facility or other UNDP initiatives.
UNDP and Generali are seeking innovative insurance solutions to enhance the resilience of small and medium-sized enterprises (SMEs) in Malaysia.
Powered by UNDP and Generali, the IICF is looking for innovative ideas for insurance products and services for underserved population segments and new markets. The Challenge Fund facilitates and incentivizes the development of two solutions in Malaysia for small and medium-sized enterprise (SME) resilience. The proposed solutions should involve scaling up existing solutions and tailoring them to SME resilience while partnering with diverse distribution channels and integrating new technology solutions.
The Award
The Solutions
Through the IICF, UNDP and Generali will seek out two or more innovative solutions that embody the following attributes:
The main attribute:
- Build SME resilience - To climate and other risks, allowing them to grow and invest, and be more productive. Products can cover, for example, stock and machinery, business continuity, staff, specific or multiple risks.
Other features of the product we seek include:
- Innovative - Introduction of innovative business models, technologies, ideas, or products that specifically focus on SME resilence in Malaysia.
- Sustainability - The project should demonstrate self-sustainability by the end of the agreed support period, this requires achieving sufficient scale and increasing efficiency and impact.
- Distribution strategy - Not simply selling insurance in isolation, complimenting other services provided and needed by SMEs.
- Sustainable Development Goals (SDGs) - Should show a demonstrable impact on the SDGs.
- Scale Potential - The proposed project must have a potential for financial, social and environmental sustainability and scale-up.
- Gender - Innovations should also include a focus on ensuring gender equity. Applicants must ensure that gender perspectives and attention to the goal of gender equality are central to the proposed innovation.
Eligibility
The eligible applicants are insurance solution providers such as insurers, intermediaries and aggregators, insurtechs, distribution channels, and other related private sector actors. Entities wishing to apply to the challenge fund need to focus on solutions which address a development need through innovative thinking and assure viability in local conditions and to promote sustainability and scalability of the solution. Eligible applicants must already have an established insurance product or solution that they would modify or adapt to reach SMES (either in new geographies, or to leverage new distribution channels or technologies to scale access and experience).
Entities wishing to apply to the challenge fund need to meet the following eligibility criteria:
- Registered entity: The lead applicant must be a registered entity and have all the necessary licenses and permissions to sell and distribute insurance products in the country of implementation.
- Licenses. The applicant must have all the necessary licenses and permissions to sell and distribute insurance products in the country of implementation.
N.B. The applicant that does not fulfill the license criteria above, may partner with one or more entities to fill the gap.
- Expertise and Capacity to Implement the Project: All applicants must demonstrate their capacity to implement their proposed project and will need to demonstrate adequate material, human and other non-financial resources to implement the proposed project within the set timeframe.
- Product: The funding request is for a specific, innovative project that supports the risk resilience of SMEs in Malaysia. The applicant must propose an insurance product(s) that it will modify or adapt in an innovative way to reach SMEs including: i) a new distribution channel, product, or service; ii) a new region; iii) a new segment or sector;
- Go To Market: Entities should demonstrate the ability to launch the product within 12-18 months of the award.
Application
IICF Applications are now closed
Register below, download the application package and send your application by December 1st, 2023. Please note that registering does not constitute an application, to submit an application follow steps 1 and 2 below. You can learn more about the criteria for selecting the winner here.
Read the Rules
- Each entity may submit two applications
- Deadline for application is to be strictly respected. In the evaluation process, only complete applications will be accepted.
- All submitted documents must be in English language.
- UNDP shall examine the proposal to confirm that all terms and conditions under the UNDP General Terms and Conditions and Special Conditions have been accepted by the Proposer without any deviation or reservation.
Step 1: Download the application package
Send your signed Application Form, Annex 3, and all supporting documents via email to irff.challenge [at] undp.org (irff[dot]challenge[at]undp[dot]org )with the following subject line: Insurance Innovation Challenge Fund: Malaysia. Attachments should be no bigger than 10MB. The deadline for submission of applications is December 1st, 2023
- Annex 1 – Application Form
- Annex 2 – Call for the Proposals and Guidelines to the UNDP-Generali Insurance Innovation Challenge Fund
- Annex 3 – Proposed Budget Detail
Step 2: Register online here
We look forward to receiving your application, please register now to receive ongoing updates and announcements on the challenge fund.
IICF applications are now closed
Reach out to irff.challenge [at] undp.org (irff[dot]challenge[at]undp[dot]org) for any questions.
Frequently Asked Questions
Q: Do applications have to be from an insurer/ or an entity who has partnership or access to an insurer’s license? We would like to explore partnership with an insurer who is keen on developing a cyber insurance product with our capabilities, would you be able to connect us?
A: You can join UNDP’s Insurance Innovation Challenge Fund Community Group where you can connect with others to find a partner
https://www.sparkblue.org/IICF
Q: Where can we access application materials?
A: All application material is available via the IICF website
https://irff.undp.org/challenge-fund/malaysia
Q: Is there any limit to how many entities can join as a team via one application?
A: There is no limit to the number of entities that can apply on one application, however each entity should bring value to the solution/product being proposed
Q: After submitting a proposal what is the next process? For example, will we be asked for a presentation?
A: If your application is shortlisted, you will be contacted to set up your application through the UNDP system and thereafter you will go through the final approval process
Q: Is the reward paid in stages according to milestones achieved or paid as a lump sum upfront?
A: The award will be paid according to milestones achieved.
Q: Can we apply for two applications with different partners? And if we win both applications do we receive the double award of USD 80k?
A: Yes
Q: If the judges find the application is interesting but incomplete info was provided. Would the applicants get a 2nd chance to submit?
A: Applications submitted are final, please ensure that you submit a completed application
Q: If the product fails to go to market in 24 months, will we be given extra time?
A: The goal is that the product goes to market within 24 months, aligning with the project milestones and serving as a model for other innovative insurance challenge funds
About UNDP and Generali
Since 2022, UNDP and Generali are working together to develop insurance and risk finance solutions globally.
About UNDP:
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.
UNDP’s the Insurance and Risk Finance Facility (IRFF), is a flagship initiative housed within the organization’s Sustainable Finance Hub. It is currently working in more than 20 countries and will move to 50 countries by 2025. All of the IRFF work is aligned to the goals of the InsuResilience Vision 2025 which aims to cover 500 million people with insurance solutions in developing countries in the next three years.
About the Generali Group:
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 81.5 billion in 2022. With 82,000 employees serving 68 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
Generali & UNDP Working Together to 'Protect the Future'