Asian general insurer MSIG Insurance announced on Monday it has formed a strategic partnership with global startup accelerator and corporate innovation platform Plug and Play to promote innovation within the general insurance space. MSIG reported it will become a founding anchor partner of Plug and Play’s Insurtech platform in Singapore and the partnership will allow MSIG to build mutually beneficial relationships with startups that are developing exciting new technologies and solutions in the general insurance sector.
While sharing details about the partnership, Philip Kent, Executive Vice President, Planning and Chairman, Digital Taskforce Asia, stated
“Customers’ expectations of insurance are changing as technology plays a more important role in their day-to-day lives. 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 has recently launched a Fintech and Insurtech innovation platform in Singapore with a mission to invest in and help local and international Fintech and Insurtech startups grow through connecting them to major financial institutions and insurers. Jupe Tan, Managing Partner, Plug and Play Asia Pacific, then added:
“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. 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 startup ecosystem.”