MSIG Insurance, a leading general insurer in Asia, yesterday announced that it had entered into a strategic partnership with Plug and Play, a global startup accelerator and corporate innovation platform, to promote innovation within the general insurance space.
MSIG Insurance will become a founding anchor partner of Plug and Play’s InsurTech platform in Singapore. This partnership will allow MSIG to build mutually beneficial relationships with startups that are developing exciting new technologies and solutions in the general insurance sector.
The partnership will complement MSIG’s digital transformation journey, which is focused on building digital products and services for customers, improving operational efficiencies 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. 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,” said Mr Philip Kent, executive vice president, planning and chairman, Digital Taskforce Asia.
Plug and Play has recently launched a FinTech and InsurTech innovation platform in Singapore. The primary objectives of this innovation platform are to invest in and help local and international FinTech and InsurTech startups grow through connecting them to major financial institutions and insurers. By introducing and facilitating connections to their global startup ecosystem, Plug and Play plans to spearhead corporate innovation and transformation for its corporate partners.
"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," said Jupe Tan, managing partner, Plug and Play Asia Pacific.
MSIG, a leading general insurer with an extensive network in Asia, is a part of Mitsui Sumitomo Insurance Company, within the MS&AD Insurance Group. The Group is one of the top 10 non-life insurance groups in the world.
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, it has built accelerator programs, corporate innovation services, and an in-house VC to facilitate technological advancement progress. With over 10,000 startups and 220 official corporate partners, Plug and Play has created the ultimate startup ecosystem in many industries. Its Singapore office was launched in 2010 to invest in high tech startups in the region.