Deadline for Applications: November 20, 2026

• Apply here

• Frequently Asked Questions (FAQs)

Micro, small and medium-sized enterprises (MSMEs) are at the heart of India’s economy, employing around 62% of the country’s labor force and contributing to more than 30% of GDP. India’s MSMEs create jobs, livelihoods and economic opportunities across the country, yet many remain highly exposed to financial, operational and climate-related shocks – from supply-chain disruptions and price fluctuations to workplace accidents and floods. 

Insurance can play an important role in strengthening this resilience, helping businesses absorb shocks, continue operating and recover faster. Yet only 15% of MSMEs report having adequate insurance coverage. Limited awareness, high perceived costs and limited products and distribution models that do not always reflect the realities of smaller businesses continue to constrain uptake. 

To help close this protection gap, UNDP and Generali are launching an MSME-focused Insurance Innovation Challenge in India, calling for the scale up of insurance products and services that are accessible, affordable and relevant for MSMEs and their workers.

Applications will close on November 20, 2026 and up to three winning solutions will be announced in February 2027 with an award of up to US$40,000 to support the development or scaling of each solution. 

Applicant Webinar and Q&A Session 

Interested applicants are encouraged to register and join the webinar and Q&A session to learn more about the Challenge, including the eligibility criteria, priority areas, application process, and key requirements. 

Date & Time : 27 October 2026 | 4:00 PM IST 

Register here: Webinar Registration – Zoom

Key focus areas and priorities of the insurance innovation challenge

The Challenge is looking for existing solutions with demonstrated traction that can strengthen MSME resilience to risks including health, disability, life, business interruption, asset loss and liability.

Innovation can include not only insurance products, but also digital platforms, processes, partnerships, distribution models and other approaches across the insurance value chain.

Priority areas include:

• Affordable and accessible insurance for MSMEs and their employees;
• Technology-enabled solutions, including AI and digital platforms;
• Embedded or bundled insurance linked to services such as credit, remittances or digital tools;
• New distribution channels capable of reaching MSMEs at scale;
• Solutions for gig workers and other underserved segments;
• Approaches that strengthen financial literacy and trust in insurance; and
• Solutions that advance the resilience and participation of young entrepreneurs and women in the MSME ecosystem.

Applicants can draw on UNDP and Generali’s Building MSME Resilience in South and Southeast Asia report as a practical resource to inform the development of scalable and sustainable solutions.

• Apply here

• Frequently Asked Questions (FAQs)

Generali–UNDP Partnership 

Since 2022, UNDP and Generali have partnered to enhance the financial resilience of vulnerable communities, MSMEs, and global value chains to climate and other risks. Under the multi-year partnership, Generali and UNDP’s Insurance and Risk Finance Facility (IRFF) are developing research and tools, incentivizing the development of innovative insurance solutions, and advocating for holistic resilience solutions that blend risk transfer and management. The partnership combines Generali’s insurance expertise with UNDP’s long-term focus on financing and development. Furthermore, through the partnership, Generali and UNDP are contributing towards putting insurance innovation at the heart of the United Nation’s Sustainable Development Goals and 2030 Agenda. Crucially, the partnership also fosters dialogue between governments, institutions, and the private sector, ensuring that policies are practical, inclusive, and impactful. 

Generali Group

Generali is one of the largest integrated insurance and asset management groups worldwide. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 95.2 billion and € 863 billion AUM in 2024. With around 87,000 employees serving 71 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.

UNDP

UNDP works in more than 170 countries and territories, supporting efforts to eradicate poverty and reduce inequalities and exclusion. In India, UNDP partners with the Government of India to localize and accelerate the Sustainable Development Goals. It promotes sustainable and inclusive growth, climate action, and stronger energy and environmental systems. UNDP also supports resilience building and health system strengthening across all states and union territories. 

Generali Central Life Insurance Company Limited

Generali Central Life Insurance Company Limited (Formerly known as Future Generali India Life Insurance Company Limited), headquartered in Mumbai, is one of the leading insurance companies in India. It brings together the global leadership and legacy of Generali and the strength of Central Bank of India, one of the oldest nationalized banks in India.

Founded in 1831, Generali is the majority shareholder with a stake of 73.99%. It brings deep insurance expertise along with best practices from its global network, driving sustainable and profitable growth for its stakeholders. Central Bank of India, established in 1911, holds a 25.18% stake in the company. Its extensive distribution network of over 4,500 branches, along with a wide array of financial products and services, is designed to meet diverse customer needs. With a strong presence across India, Generali Central Life Insurance Company Limited provides comprehensive life insurance solutions for both individuals and groups. Reflecting a strengthened commitment to be your Lifetime Partner, the life insurance offerings span across various categories, including Term, Savings, Child, Retirement, Wealth Creation, and Group life insurance plans.

Generali Central Insurance Company Limited

Generali Central Insurance Company Limited (formerly known as Future Generali India Insurance Company Limited) is a strategic joint venture between two distinguished financial institutions: the Generali Group, a global insurance enterprise with 193 years of operational heritage holding a 74% majority stake, and the Central Bank of India, India's first commercial bank with 113 years of established banking excellence.

Established in 2006, the Company was set up with a clear mandate to offer retail, commercial, personal, and rural insurance solutions, enabling individuals and businesses to effectively manage and mitigate risks. Generali Central Insurance (GCI) broke even in FY 2013-14 - a landmark achievement in just six years of operations.

As of FY 2025-26, GCI maintains robust financial fundamentals with ₹8,138.7 crore of assets under management and Gross Written Premium of ₹5,866.5 crore. The Company has established itself as a formidable presence in India's insurance landscape, securing a position among the nation's top private general insurance companies.