The UN Development Programme (UNDP) and insurer Generali Central have introduced an initiative to identify and expand insurance for Indian micro, small and medium-sized enterprises (MSMEs).
Under the Insurance Innovation Challenge, a maximum of three successful entrants will each be granted up to Rs3.87m to develop or expand their solutions.
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The scheme is open to officially registered insurance carriers, insurtech companies, technology suppliers, social enterprises and intermediary distributors in India.
Organisers are accepting submissions through 20 November 2026, with the selected recipients due to be announced in February 2027.
UNDP India resident representative Angela Lusigi said: “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.”
According to the statement, the effort focuses on an enduring protection shortfall within the Indian corporate ecosystem.
Based on 2025 details from the Small Industries Development Bank of India cited in the announcement, the nation contains upwards of 73 million MSMEs, which collectively generate approximately 30% of gross domestic product, account for 44% of exports and provide jobs for 60% of the country’s labour force.
However, operational continuity remains threatened by climate shocks, supply chain disruptions, workplace accidents and proprietor medical crises, while commercial policy uptake continues to be restricted by “low awareness”, expense issues and ill-fitted coverage.
Assessors will give preference to concepts directed at property destruction, operational downtime and medical liabilities.
Favourable reviews will be granted to entries that apply technology to improve cost accessibility, integrate protection within broader financial products, create non-traditional distribution routes or elevate financial understanding among company proprietors.
The competition forms part of an ongoing alliance instituted in 2022 between Generali and the UNDP Insurance and Risk Finance Facility (IRFF).
Generali Central Insurance managing director and CEO K G Krishnamoorthy Rao added: “Through our partnership with UNDP, we want to bring together insurance expertise, technology and innovation to support solutions that address the real risks facing India’s MSMEs and create models with the potential to scale.”
