Generali and UNDP Announce VSure Tech as the Winner of the ‘Insurance Innovation Challenge Fund’

VSure Tech awarded up to US$40,000, along with technical assistance to support the development of their ideas and opportunity to leverage Generali and UNDP’s global presence. 

Kuala Lumpur, 6 November 2024 – Generali and the United Nations Development Programme (UNDP) have announced VSure Tech as the winner of the “Insurance Innovation Challenge Fund” (IICF), an initiative designed to incentivise the development of innovative insurance products and services in Malaysia.

VSure Tech was selected among five solutions showcased last March in Kuala Lumpur during the event organized by Generali and UNDP dedicated to building small and medium-sized enterprises (SMEs) resilience against climate and other risks. 

Fabrice Benard, CEO of Generali Insurance Malaysia Berhad and Country Head of Generali Entities in Malaysia emphasised that the IICF underscored Generali’s shared vision with UNDP in building resilience among the SME community in Malaysia.

“Micro, small medium enterprises (MSMEs) make up 97.4% of businesses in Malaysia. We have a strong role to play to drive financial inclusion, while fostering a culture of innovation and sustainability to help future proof their enterprises. Together with UNDP, we wish to commend all the participants for their innovative ideas,” Fabrice added.  

“We are privileged and deeply honoured to be given this opportunity to collaborate on this impactful initiative, empowering SMEs and MSMEs to build stronger financial resilience while promoting essential financial literacy,” said Eddy Wong, Chief Executive Officer and Managing Director of VSure Group.

Vsure Tech is leading Insurtech and Digital Insurance Marketplace, whose solution aims to increase coverage and risk resilience among micro, small, and medium-sized enterprises (MSMEs) in Malaysia through a P2P (peer-to-peer) mutualized risk business model, offering a fully digital commercial platform for affordable and accessible micro insurance.

The Insurance Innovation Challenge Fund (IICF) was established to identify innovative solutions that focus on risk prevention, financial education, and protection. The goal is to complement insurance offerings with strategies that improve distribution and access to essential services for target communities, aligning with the United Nations’ Sustainable Development Goals (SDGs) 

This initiative builds on a partnership between Generali and UNDP’s Insurance and Risk Finance Facility, which aims to reduce the protection gap for vulnerable communities by increasing access to insurance. It also highlights a commitment to raising awareness and promoting the role of insurance in enhancing security, sustainability, and resilience, particularly for SMEs in developing countries.

Selected through an open process by the IICF committee, Vsure Tech was awarded US$40,000 in financial support from UNDP, along with technical assistance to further develop their innovative solutions. They also gain the opportunity to leverage the global presence of both Generali and UNDP.