Deadline: September 30, 2025
The UNDP-Generali Insurance Innovation Challenge seeks to strengthen financial resilience for Thailand’s micro, small, and medium-sized enterprises (MSMEs) and their employees through innovative insurance solutions.
The challenge aims to make health and life insurance more affordable, accessible, and scalable for MSMEs and their employees. It focuses on connecting private insurance solutions with Thailand’s existing social protection schemes, including the Civil Servant Medical Benefit Scheme (CSMBS), Social Security Scheme (SSS), and Universal Coverage Scheme (UCS). The initiative encourages the use of technology to improve access, affordability, and efficiency of insurance. It also supports the expansion of innovative products such as remittance-linked insurance, credit-linked life insurance, and insurance for gig workers. Finally, it aims to increase financial literacy and build trust in insurance among MSME employees.
The challenge addresses the development needs of MSMEs, which are crucial to Thailand’s economy, employing more than 70% of the workforce and contributing over 35% of GDP. Despite progress toward universal health coverage, gaps remain in access to insurance, exposing MSMEs and their employees to financial vulnerability due to medical expenses.
Through this initiative, UNDP and Generali aim to foster and scale innovative insurance and risk financing mechanisms that enhance economic stability and provide a vital safety net for MSMEs and their workforce. Insurance solutions are not only expected to mitigate risk but also stimulate growth by reducing uncertainty and enabling confidence in business operations.
The Insurance and Risk Finance Facility (IRFF) supports policy guidance, tools, methodologies, and partnerships to catalyze innovative insurance products, targeting vulnerable populations and investing in long-term transformation of insurance markets. Generali, a global insurance and asset management leader, brings expertise in innovative, personalized, and digitalized insurance solutions, complementing UNDP’s long-term financing and development focus.
Eligible applicants include legally registered companies active in insurance, Insurtechs, distribution channels, or related private sector actors operating in Thailand, with regulatory approval for existing products. Applicants may form consortia to meet licensing requirements. The proposed solutions must already exist and demonstrate feasibility for rapid implementation, scalability, sustainability, and a gender equity focus.
Proposals will be evaluated on distribution and reach, feasibility, innovation, capacity and expertise of the implementation team, program sustainability, and value for money. Each selected applicant may receive financial assistance up to USD 40,000 to cover salaries, consultancy services, small equipment, training, workshops, and other project-related costs. The project must be completed within 24 months from the agreement signature, with milestones defined in the Innovation Challenge Agreement.
Selected winners will gain visibility through digital channels, case studies, and knowledge-sharing opportunities, ensuring broader learning and replication potential across the region. Applicants must submit proposals through Quantum by 30 September 2025, with detailed supporting documentation and adherence to UNDP’s zero-tolerance policy on fraud, corruption, and conflicts of interest.
For more information, visit UNDP.
