Global insurance leader Generali has joined forces with the United Nations Development Programme (UNDP) in a bid to enhance resilience among small and medium-sized enterprises (SMEs).
The collaboration will see the launch the “Insurance Innovation Challenge Fund,” aimed at fostering innovative insurance solutions in Malaysia, while Generali’s flagship SME EnterPRIZE project also expands into the Asian market.
This expansion builds upon Generali’s extensive engagement with thousands of SMEs throughout Europe, with the overarching goal of promoting and nurturing a culture of sustainability within these enterprises.
Jaime Anchústegui Melgarejo, CEO International of Generali, said: “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.”
The “Insurance Innovation Challenge Fund” has been introduced to facilitate and incentivise the development and introduction of pioneering insurance products and services in Malaysia.
An open selection process within the country will pave the way for this initiative. The selected winners will receive $100,000 USD in the first year to support the advancement of insurance solutions, complemented by both financial and technical assistance.
Jan Kellett, Team Leader, UNDP’s Insurance and Risk Finance Facility, explained: “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.
“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.”
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