MSIG Asia, a leading general insurance provider, has announced a new regional collaboration with Serenity Health Partners to transform the health insurance landscape.
It aims to achieve this by bridging the gap between local health insurance products and International Private Medical Insurance (IPMI), offering comprehensive and affordable coverage.
By teaming up with Serenity, MSIG aims to provide a unique blend of health insurance products that balance international benefits with local affordability.
The initial launch will take place in Singapore, with plans to expand into Indonesia and Vietnam within the next year. Serenity will act as the underwriting agent for a specific health segment in Singapore, pending regulatory approval.
MSIG, part of the global Mitsui Sumitomo Insurance Group, offers a wide range of non-life insurance services throughout Asia.
The company’s commitment to innovation and regional growth is reflected in its investment in Serenity, making it a major shareholder.
Serenity has introduced a new category of insurance, called Regional Private Medical Insurance (RPMI), which merges the benefits of local and global insurance coverage.
RPMI offers tailored plans that are both cost-effective and comprehensive, with enhanced services, benefits, and network coverage.
Serenity also employs advanced InsurTech solutions to streamline policy management, claims processing, and member onboarding, enhancing accessibility and efficiency.
The partnership comes at a time when the health insurance market in Asia is poised for significant growth, driven by increasing health awareness and a rising middle class. Serenity’s RPMI product is designed to address market needs, such as the demand for flexible insurance plans in Singapore, and growing medical tourism in Indonesia.
Vietnam’s health insurance market is also expanding, with increased medical costs and ongoing healthcare reforms.
SERENITYplus is the first product launched under this partnership. It is a hybrid health insurance plan designed for corporate groups, offering a blend of local and international medical benefits.
The solution provides cost-effective solutions without compromising on coverage, making it a competitive alternative to traditional IPMI offerings. The plan is tailored for the Asian market and adheres to Singaporean standards.
“We are excited to join forces with Serenity,” says Clemens Philippi, CEO of MSIG Asia. “This partnership aligns with our mission to offer innovative and accessible insurance solutions, bridging gaps in coverage and delivering exceptional value to our clients. Together, we are poised to redefine the health insurance experience and set new industry standards.”
“Partnering with MSIG represents a significant milestone for Serenity. Our shared vision of providing comprehensive yet affordable coverage will make a meaningful difference in the lives of our customers. We look forward to leveraging our combined expertise to drive positive change in the insurance industry,” adds Co-founder of Serenity, Jonathan James.
Derek Goldberg, Co-founder of Serenity, explains: “Our goal when defining the new RPMI segment is to seamlessly bridge the divide between local and international insurance solutions, creating a model that truly meets the diverse needs of the Asian market. By integrating deep local expertise with regional scale and advanced intuitive technology, we are setting a new standard for private medical insurance in the region.”
Mack Eng, CEO of MSIG Singapore highlights: “Health insurance is integral to our suite of comprehensive solutions. We look forward to this new collaboration with Serenity, and extend our value proposition as we continue to provide a diverse range of competitive benefits and high-quality digital health services to our valued customers.”
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