UNDP and Generali Central launch insurance innovation challenge for MSME
United Nations Development Programme (UNDP) and Generali Central, representing the Generali Group’s general and life insurance businesses in India, on Wednesday launched an Insurance Innovation Challenge to identify and scale solutions that strengthen the resilience of India’s Micro, small and Medium-Sized enterprises (MSMEs).
India’s more than 73 million MSMEs contribute about 30 per cent of the country’s GDP and 44 per cent of its exports, while employing 60 per cent of its workforce (SIDBI, 2025).
Yet climate shocks, supply-chain disruption, workplace risks and unexpected personal shocks affecting owners and workers are placing these businesses under growing strain.
Insurance can help MSMEs absorb such shocks, keep operating and recover faster. However, coverage remains limited because of low awareness, perceived costs and products that do not always reflect MSMEs’ needs. The UNDP–Generali Insurance Innovation Challenge aims to help close this protection gap by identifying and scaling more accessible, relevant solutions.
The Challenge is seeking proven insurance products and distribution models that address key risks facing MSMEs, including health-related events, business interruption and asset loss. It is open to insurance providers, insurtechs, technology service providers, social enterprises, and insurance sales and distribution companies legally registered in India. Priority will go to solutions that use technology to improve access and affordability, bundle insurance with financial services, develop new ways to reach MSMEs or strengthen financial literacy.
Angela Lusigi, Resident Representative, UNDP India, said, “India has shown time and again that innovation can turn big challenges into solutions at scale.
For millions of small businesses, a climate shock, health emergency or other disruption can put jobs and livelihoods at risk. This Challenge will help identify insurance solutions that respond to these real risks and can reach more MSMEs. Stronger MSMEs mean more secure livelihoods, more resilient communities and an economy better prepared for future shocks.”
