MSIG Insurance partners with insurtech startup Anapi

MSIG Insurance in Singapore has partnered with Anapi, an insurtech startup, to offer new insurance products digitally quickly.

To kickstart the collaboration, MSIG will be launching a flight delay insurance product through a digital partner’s travel assistant mobile app.

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 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. Customers’ 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 Michael Gourlay, CEO of MSIG Insurance (Singapore).

“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 AlwaysOn service and embed insurance into the digitally enabled ecosystems.”

George Kesselman, co-founder and CEO of Anapi, added: “We believe insurance is a powerful growth tool for any digital business as it significantly increases both customer conversion and retention. The purpose of insurance is to reduce consumer anxieties and worries by managing the underlying risks. Digital services have a unique set of risks, and our tech stack frictionlessly delivers relevant insurance as a service to transfer those risks, in partnership with leading insurers.

“We are on a lookout for insurers that are aligned both to our vision as well as our core values. MSIG stood out with their commitment to digital transformation as well as an amazing team. We are excited to partner with MSIG to continue pushing the boundaries of insurance.”

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.

More of today's news

Re/insurers brace themselves for $20bn hit from Florence

Prudential reveals new CEO as Strangfeld steps down

Flooding from Florence could trigger NFIP’s protection – again

Florence weakens but could linger for longer

Carlyle Group buys majority stake in Sedgwick in $6.7bn deal

Insurtech startup Wrisk partners with BMW

Don't miss our insurtech email newsletter - sign up today