Generali and UNDP award innovative insurance solution to advance SME resilience in Malaysia

Generali and UNDP have announced the winner of the “Insurance Innovation Challenge Fund”, which aims to incentivise the development of innovative insurance products and services in Malaysia. VSure Tech was selected among five solutions showcased at an event in Kuala Lumpur organized by Generali and UNDP to build the resilience of small- and medium enterprises (SMEs) against climate and other risks.

The goal of the “Insurance Innovation Challenge Fund” was to identify innovations focusing on risk prevention and reduction, financial education, and protection, complementing insurance solutions with distribution strategies and other services needed by target communities and contributing to the United Nation’s Sustainable Development Goals (SDGs).

The initiative builds on the partnership between Generali and UNDP’s Insurance and Risk Finance Facility, designed to reduce the protection gap for vulnerable communities worldwide through access to insurance solutions. This work aligns to a broader commitment to raise awareness, as well as to set the path for insurance to unlock security, sustainability, and greater resilience for SMEs in developing countries.

Vsure Tech is an Insurtech company providing a digital insurance marketplace that increases coverage and risk resilience among micro-, small-, and medium enterprises (MSMEs) in Malaysia through a peer-to-peer mutualised risk business model. The result is a fully digital commercial platform providing access to affordable micro insurance.

The winner has been awarded US $40,000 as financial support from UNDP, along with technical assistance to support the development of their idea and the opportunity to leverage Generali and UNDP’s global presence.