MSIG partners with insurtech Plug and Play
Asian general insurer MSIG Insurance has entered into a strategic partnership with Plug and Play, a startup accelerator and corporate innovation platform.
MSIG will become a founding anchor partner of Plug and Play's insurtech platform in Singapore. With this partnership, MSIG aims to build relationships with startups that are developing new technologies and solutions in the general insurance sector.
MSIG said the move is a part of its digital transformation strategy, which is focused on “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,” said Philip Kent, executive vice president, planning and chairman, 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," Kent said.
Plug and Play has recently launched a fintech and insurtech innovation platform in Singapore to invest in local and international startups.
Jupe Tan, managing partner, Plug and Play Asia Pacific, said: "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."
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