The initiative seeks practical solutions for smaller businesses exposed to financial and operational shocks.
The United Nations Development Programme (UNDP) and Generali Central have launched an Insurance Innovation Challenge to find and scale insurance solutions that can improve the resilience of India’s micro, small and medium-sized enterprises (MSMEs).
India has more than 73 million MSMEs, which contribute about 30% of GDP and 44% of exports whilst employing 60% of the workforce, according to SIDBI’s 2025 data.
The businesses face risks including climate shocks, supply-chain disruption, workplace incidents and health or personal events affecting owners and workers.
However, insurance coverage remains limited due to low awareness, perceived costs and products that may not meet their needs.
The challenge is seeking proven insurance products and distribution models covering risks such as health events, business interruption and asset loss.
It is open to insurers, insurtechs, technology service providers, social enterprises and insurance sales and distribution companies registered in India.
Priority will be given to solutions that use technology to improve access and affordability, combine insurance with financial services, develop new distribution channels or improve financial literacy.
Up to three winning solutions will each receive grants of up to $40,000 to support development or scaling. Applications close on 20 November 2026, with winners expected to be announced in February 2027.
K. G. Krishnamoorthy Rao, managing director and CEO of Generali Central Insurance, said insurance solutions need to be relevant and accessible to the businesses they protect.
Alok Rungta, managing director and CEO of Generali Central Life Insurance, said MSMEs remain exposed to financial shocks from health events, the loss of key income earners and business disruption.