Lexasure Financial Group Limited, a key player in the InsurTech market across South and Southeast Asia offering reinsurance, insurance, and tech solutions, along with Qornerstone, an innovative PropTech firm revolutionising property management, have recently unveiled a memorandum of understanding to develop a strategic partnership.
The partnership aims to combine their resources to create and provide new insurance and risk management solutions tailored to the real estate, property, and facilities management sector in Singapore and Malaysia. The partnership aims to leverage the power of InsurTech and Proptech to bring about a digital transformation in these sectors.
Lexasure, based in Southeast and South Asia, leads in providing reinsurance and digital insurance solutions. This includes Reinsurance-as-a-Service (RaaS), aimed at aiding clients in managing risk, propelling growth, and effectively competing. Meanwhile, Qornerstone, a leading Proptech firm founded in 1999, continues to revolutionise the property management industry through cutting-edge software solutions, digitising operations for over 2,000 properties in Singapore alone.
Within this strategic partnership, Qornerstone will utilise its technical resources alongside Lexasure to examine the potential of its customer ecosystem. This includes commercial, enterprise, and residential clients, with the goal of integrating insurance and financial products into its existing solutions.
Moreover, Lexasure will help identify commercial focus areas and provide the capacity to underwrite new products and services resulting from the partnership. Insurance products for residents may range from home contents and home helper insurance, to security deposit & tenant insurance and automotive insurance. For property managers or owners, offerings may include management council member indemnification, errors & omission, and public liability insurance.
Ernest Ong, Chief Executive Officer of Qornerstone, shared, “The collaboration with Lexasure is a unique opportunity to innovate and drive the digital transformation of the proptech and insurtech sectors forward. The result of our combined competencies will aim to enhance the experience of 100,000 platform users comprised of condominium owners, tenants, property managers, technicians, service providers, etc. to advance the way insurance is bought and sold through digital channels.”
Ian Lim, Chief Executive Officer of Lexasure, added, “Our partnership with Qornerstone intends to create new digital channels that drive integrated solutions for the urban and property sector. By embedding insurance and risk management into the platform used for leasing, property management, and maintenance, we will be able to offer products that protect tangible real estate and reward sustainability.”
The proposed partnership’s fruition is subject to the negotiation of definitive agreements, including customary closing conditions and regulatory approval.
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