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UNDP Insurance Innovation Challenge Fund (IICF)
SME Resilience Solutions in Malaysia for Sustainable Development Goals
In partnership with Generali, IRFF has developed the UNDP-Generali Insurance Innovation Challenge Fund (IICF) to facilitate and incentivize the development two solutions on small and medium-sized enterprise (SME) resilience in Asia. The proposed solutions must be scaling up existing solutions and tailoring them to currently underserved client segments while partnering with diverse distribution channels and integrating new technology solutions.
Innovations come in different forms. The supported outcome is a new model, product, idea or service.
The proposed project must have a potential for financial, social and environmental sustainability and scale up. All projects must be inclusive in nature, benefit the target beneficiaries, and contribute to the achievement of SDGs, rather than solely benefitting the participating entity. The supported outcome is a new model, product, idea or service. The supported outcome can be an innovative and replicable model to the identified development challenge. It will list all associated activities, stakeholder engagement, implementation costs and possibilities for scale-up.
Through the IICF, UNDP and Generali will seek out two or more innovative solutions that embody the following attributes:
The main attribute:
· Build SME resilience – To climate and other risks, allowing them to grow and invest, and be more productive. Products can cover, for example, stock and machinery, business continuity, staff, specific or multiple risks.
Other features of the product we seek include:
· Innovative – Introduction of innovative business models, technologies, ideas, or products that specifically focus on SME resilience in Malaysia;
· Sustainability – The project should demonstrate self-sustainability by the end of the agreed support period, this requires achieving sufficient scale and increasing efficiency and impact;
· Distribution strategy – Not simply selling insurance in isolation, complimenting other services demanded by SMEs;
· Sustainable Development Goals (SDGs) – Should show a demonstrable impact on the SDGs
· Scale Potential – The proposed project must have a potential for financial, social and environmental sustainability and scale-up;
· Gender – Innovations should also include a focus on ensuring gender equity. Applicants must ensure that gender perspectives and attention to the goal of gender equality are central to the proposed innovation.
Interested applicants must submit their proposal directly in the system as instructed in the solicitation document, following the instructions in the available user guide. In case you have never registered before, you can register a profile using the registration link shared via the procurement notice and following the instructions in guides available in the UNDP website: https://www.undp.org/procurement/business/resources-for-bidders. Do not create a new profile if you already have one. Use the forgotten password feature in case you do not remember the password or the username from previous registration.
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SUSTAINABLE FINANCE HUB/BPPS