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Oct 2018

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Singapore: MSIG to accelerate digital business with InsurTech start-up

Source: Asia Insurance Review | Oct 2018

MSIG Insurance and Anapi, a Singapore-based API-first InsurTech start-up, are collaborating to bring innovative insurance protection through digital partners via an easy-to-integrate API service.
 
Anapi’s smart API hub sits between MSIG and the digital partners to enable the seamless connection between the two. API-first design means that digital partners can test and embed relevant insurance propositions within their services in a matter of days, rather than the usual months. The API hub pro-vides additional integrated services such as machine learning, data analytics and process automation to facilitate a frictionless customer experience.
 
To kick-start the collaboration, MSIG has launched a flight delay insurance product through a digital partner’s travel assistant mobile app. Customers will be able to purchase flight delay insurance cover to Bangkok via the app from just S$2 ($1.46). 
 
As long as there is a departure delay of at least one hour, the flight delay claim will be auto-triggered. The policyholder will receive their claims payout via PayNow, a peer-to-peer funds transfer service, without the need to notify MSIG or submit any documentation.
 
“We are living in a fast-changing world where technology is reshaping the nature of insurance. Cus-tomers’ needs are not all the same and our products can now be personalised. And for many, the first port of call is the digital marketplace,” said MSIG Insurance (Singapore) CEO Michael Gourlay.
 
“Our collaboration with Anapi, who are at the forefront of InsurTech, will reshape how personalised insurance as smart contracts can be offered and easily integrated with digital services. Adopting new plug-in technologies such as APIs will enable us to provide an always-on service and embed insurance into the digitally enabled ecosystems.”
 
Anapi co-founder and CEO George Kesselman said, “We believe insurance is a powerful growth tool for any digital business as it significantly increases both customer conversion and retention.”
 
Both companies will work together to roll out a wider range of insurance products that can be custom-ised and easily integrated with a host of other digital services. This will help deliver right-sized insur-ance solutions to customers at the right time. A 
 
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