A. BACKGROUND

Development Challenge

Micro, small, and medium-sized enterprises (MSMEs) are the backbone of ASEAN economies, employing around 85% of the labor force. In Thailand, MSMEs contribute over 35% of GDP and employ more than 70% of the workforce. The sustainability and productivity of this sector depend heavily on the well-being of its workforce. Limited access to healthcare and financial protection can lead to increased absenteeism, reduced productivity, and economic insecurity for both workers and MSMEs. To complement the significant progress made in achieving universal health coverage (UHC) through Thailand’s three main public insurance schemes, there remain important opportunities to provide innovative insurance solutions for MSME workers who may still be vulnerable to financial hardship due to medical expenses.

To meet this objective, UNDP and Generali are supporting the development of innovative solutions to enhance financial resilience for MSMEs, including expanding health, life, non-life and accident insurance coverage and contributing to Thailand’s social protection framework. By fostering and scaling up innovative insurance and risk financing mechanisms, this initiative aims to enhance economic stability, reduce vulnerabilities, and provide a vital safety net for MSMEs and their employees.

Beyond mitigating risks, insurance and risk transfer solutions play a crucial role in stimulating growth by reducing uncertainty and enabling economic confidence. Through this innovation challenge, UNDP and Generali seek to enhance the financial resilience of Thailand’s MSMEs by improving access to healthcare and insurance for the sector’s owners and workforce.

B. The Insurance and Risk Finance Facility

The IRFF is a flagship initiative of UNDP’s Sustainable Finance Hub and is part of the wider UNDP Global Policy Network. It is the heart of UNDP’s insurance and risk finance support to UNDP country offices, programme countries and partners, providing policy and guidance, tools and methodologies, and networks and partnerships. It acts as a catalyst for the development and delivery of innovative insurance products, tools and services, while also investing in the long-term transformation of insurance markets, targeted at boosting country and community resilience to socioeconomic, health, climate shocks and other crises. The IRFF supports the development of innovative insurance products and services that are aimed towards vulnerable people and communities, while also investing in the long-term transformation of insurance markets. Currently, the facility is operational in 39 countries working closely with industry partners to deliver policy advice, guidance, tools, methodologies and networks that boost country and community resilience towards socio-economic, health, climate and other shocks.

C. Generali

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 more than € 800 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.

D. UNDP – Generali Partnership

The United Nations Development Programme and Generali have partnered to support the financial resilience of vulnerable communities, micro, small and medium enterprises (MSMEs) and global value chains to climate and other risks. Under this 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. Through the partnership, Generali and UNDP are contributing towards putting insurance innovation at the heart of the UN’s Sustainable Development Goals and 2030 Agenda

This Call for Proposals (CFP) is specifically related to the UNDP Thailand - UNDP-Generali Insurance Innovation Challenge: MSME Resilience in Thailand

E. OBJECTIVES AND EXPECTED OUTPUTS/ DELIVERABLES 

The UNDP - Generali Innovation Challenge for Thailand seeks to identify, support, and scale existing innovative life, non-life and health insurance solutions that strengthen financial resilience for MSMEs and their employees. The challenge will focus on:

Expanding affordable, accessible, and scalable existing health, life and non-life insurance solutions tailored to MSMEs and employees.

• Strengthening linkages between private insurance solutions and Thailand’s existing social protection schemes such as Civil Servant Medical Benefit Scheme (CSMBS) for public employees, the Social Security Scheme (SSS) for private sector employees, and the Universal Coverage Scheme (UCS).
• Leveraging technology to improve insurance accessibility, affordability, and efficiency.
• Scaling up of existing innovative products such as remittance-linked insurance, credit-link life and non-life insurance and insurance for gig workers who are working for ride hailing or delivery companies.
• Enhancing financial literacy and trust in insurance products among MSME workers

Detailed objective and related outputs and deliverables are provided in Annex 2 - UNDP_Generali Terms of Reference - IICF Call for Proposal

F. ELIGIBILITY & QUALIFICATION CRITERIA

Applicants: The eligible applicants are legally registered companies active in the insurance industry including Insurtechs, sales and distribution channels¹, and other related private sector actors (such as Mobile APPs, Telcom Companies, Ecommerce Companies etc.) operating in Thailand. A consortium of these actors could also be formed. Entities wishing to apply to the Innovation Challenge need to meet the following eligibility criteria: Participation in this challenge is not open to individuals. 

• Registered entity. The applicant must be a registered company;
• Licenses. The applicant must have all the necessary licenses and permissions to sell and distribute insurance products in Thailand as required by OIC.

^{[1] Distribution channels refer to the various methods and platforms through which insurance products and services are marketed, sold, and delivered to customers. These can include traditional channels such as bancassurance, as well as alternative or digital channels such as mobile apps like Grab, online platforms, e-commerce sites, aggregators, fintech and Insurtech solutions, and partnerships with non-traditional players like telecom companies or community organizations.}

N.B The applicant that does not fulfill the license criteria above, may partner with one or more entities who are licensed to sell and distribute insurance to form a consortium.

Product: Eligible applicants must propose a solution to enhance the distribution of an established insurance product or solution with regulatory approval or modify/adapt an established insurance product or solution, including adding new features that do not require a new regulatory approval, to reach MSMEs (either in new geographies, or to leverage new distribution channels or technologies to scale access and experience). Feasibility studies or development of new products from scratch are not eligible for support. 

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;

Go to Market. Entities should demonstrate the ability to launch the product within 12months of the award.

G. PROPOSAL

Through the Insurance Innovation Challenge, UNDP and Generali will seek out two existing innovative solutions that embody the following attributes:

The main attribute:

• Build MSME resilience to health and related risks, allowing them to grow and invest, and be more productive. Products can cover, for example, health, disability, life, non-life business continuity due to health risks specific or multiple risks for owners and staff. 

Other features of the product we seek include:

• Innovation – Scaling up of existing innovative insurance products that specifically focus on MSMEs in Thailand and employ innovative approaches and technologies such as AI;
• 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;
• Sales and Distribution strategy – Not simply selling insurance in isolation, complementing other services demanded by MSMEs through embedded approaches;
• 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. 

H. EVALUATION CRITERIA & METHODOLOGY

1. Proposals will be evaluated based on the following criteria: 

After the deadline for the submission, all duly submitted applications are reviewed against the eligibility criteria and completeness. All eligible and complete applications will be evaluated by a UNDP & Generali Evaluation Panel 

Eligible and complete applications will be evaluated according to the evaluation criteria as follows:

2. Budget size and duration

Proposal amounts should be up to a maximum of USD 40,000.

The amount requested in the proposal should be commensurate with the organization’s administrative and financial management capabilities. In principle, project duration will not exceed 24 months. 

J. DURATION OF THE PROJECT 

The Project must be completed within 24 months from the signature of the Innovation Challenge Agreement. A project will be deemed completed when the deliverables as defined in the Innovation Challenge Agreement are completed. These deliverables will be tailored to each specific project but will follow the structure of the Standard Innovation Challenge Agreement (see Annex 6).

K. AWARD PACKAGE

1. Financial Assistance: Successful applicants will be awarded up to US$40,000 (Each). Items that can be covered from tInnovation Challenge award may include, but are not limited to:

• Salaries of project staff
• Technology, design, business, development and other consultancy services
• Advisory inputs
• Small equipment and supplies
• Training and workshop expenses
• Other costs, including travel connected to the implementation of the project

The expenses shown above should be predicted to reflect the project goals and should be clearly justified in accordance with the project objectives. Only expenditures accrued during the project, in accordance with the project plan and objectives, necessary for achieving project outcomes and completed by the end of the project, are eligible for financing. Expenses that will not be considered for financing by Innovation Challenge include but are not limited to:

• Capital expenditures
• Interest or debt owed to any third party
• Expenditures and provisions for possible future losses or debts
• Items already financed through another similar scheme, program or institution, financial awards
• Bank and currency exchange expenses, losses, fees and penalties
• Anything related to intellectual property. The Intellectual Property rights will remain with UNDP.

2. Technical assistance to support the development of the idea in the form of sessions with UNDP partners or experts in the relevant field.
3. Visibility and Recognition: Winners will gain exposure through various platforms

• Digital Channels: Promotion via social media and the websites of UNDP Thailand, IRFF & GENERALI websites
• Case Studies: Development of case studies, publicly accessible on the IRFF website, facilitating global learning opportunities.
• Knowledge Sharing: Exchange success stories and best practices with peers.

The proposal currency is USD. If quoted in another currency, it will be converted to USD using the UN Operational Rate of Exchange (UNORE) applicable on the tender submission deadline. For bidders based in Thailand, payments will be made in Thai Baht.

Note: The payment schedule is not fixed at this stage. Bidders are encouraged to propose payment milestones and corresponding percentages as part of their financial proposal. However, the final payment schedule will be subject to review and mutual agreement between UNDP and the selected bidder during the pre-award phase. UNDP reserves the right to determine and finalize the payment terms in accordance with its internal policies, operational requirements, and fiduciary obligations.

L. SELECTION PROCESS: 

The UNDP will review proposals through a five-step process: (i) determination of eligibility; (ii) technical review of eligible proposals; (iii) scoring and ranking of the eligible proposals based on the assessment criteria outlined in the previous section to identify highest ranking proposal; (iv) round of clarification (if necessary) with the highest scored proposal; and (v) conclusion of the Innovation Challenge Agreement

M. SUBMISSION PROCESS

Applicants shall bear all costs related to proposal preparation and submission. Applicants must submit their proposals in Quantum

The following documents must be submitted in order for the submission to be considered: 

• Summary of the company profile, including any experience in developing inclusive insurance products;
• Documentation showing company registration which includes permission to operate and sell insurance in the country and insurance license;
• CVs of Experts who will be working on the development of the solution;
• Budget (excel sheet), including how the company will be contributing to the implementation of the initiative such as through in-kind or financial resources;
• Any other relevant documents supporting the application.

Only one submission per organization is allowed. Once the application is complete and submitted, revised versions of proposal documents will not be accepted. 

N. Submission Deadline

Proposals, along with supporting documents, should be submitted through Quantum by 30 September 2025. The deadline will be indicated in the system, which takes precedence over any other sources of information.

For additional questions about the Call for Proposals Guidelines or application forms, please e-mail onanong.wuthimonkolkul@undp.org; brh.procurement@undp.org; procurement.th@undp.org, or submit your inquiry in the message box within the negotiation section in Quantum. All inquiries must be submitted at least three (3) days before the application deadline.

Note; UNDP reserves the right not to fund any proposals arising from this Call for Proposals

The focal point for the arrangement is: Onanong Wuthimonkolkul

E-mail: onanong.wuthimonkolkul@undp.org & brh.procurement@undp.org

Designated Position: Procurement Associate

ANNEXES 

Annex 2 - UNDP_Generali Terms of Reference - IICF Call for Proposal 

Annex 6 - Model Innovation Challenge Agreement