MSIG Insurance has formed a partnership with startup accelerator Plug and Play to promote innovation within the general insurance space, as part of its digital transformation journey.
The partnership will see the Mitsui Sumitomo Insurance Company-owned brand become a founding anchor partner of Plug and Play’s Insurtech platform, which aims to invest in and help local and international fintech and Insurtech startups to grow through connecting them to major financial institutions and insurers.
It will also allow MSIG to build relationships with startups that are developing new technologies and solutions.
“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 Philip Kent, executive vice president of Planning and chairman of Digital Taskforce Asia at MSIG Insurance.
A report released in May saw NTUC Income ranked the highest in Singapore when it comes to being future ready for digital transformation, when compared to other insurance companies like MSIG, which came in at 22nd place.