MSIG Insurance has formed a strategic partnership with Plug and Play, a global start-up accelerator and corporate innovation platform, to drive innovation in the general insurance industry.
As a result, MSIG will become a founding anchor partner of Plug and Play’s insurtech platform in Singapore. This will provide MSIG with access to start-ups that are developing new technologies and solutions in the general insurance sector, allowing the insurer to form mutually beneficial relationships with these start-ups.
According to MSIG, the partnership complements its digital transformation journey, which centres on creating digital products and services for customers, improving operational efficiency, and encouraging a robust innovation culture in the region.
“Customers’ expectations of insurance are changing as technology plays a more important role in their day-to-day lives,” said Philip Kent, executive vice president for planning at MSIG and chairman of Digital Taskforce Asia. “Our partnership with Plug and Play is one of the ways for us to stay on top of this change and explore ways to serve our customers and partners better.”
Plug and Play’s recently-launched Singapore platform aims to invest in and help local and international fintech and insurtech start-ups grow through connecting them to major financial institutions and insurers.
“Based on the success of our stage-agnostic and multi-corporate innovation platforms in Silicon Valley, California, we are excited to extend this model to Singapore, providing proximity to many of our existing and prospective corporate partners in the financial and insurance sectors,” said Jupe Tan, managing partner of Plug and Play Asia-Pacific. “In the last few months, we launched our fintech and insurtech platform and have engaged with several leading financial and insurance institutions. Partnering with MSIG Insurance is a great start to our journey and we look forward to connecting them to our global start-up ecosystem.”