Singapore-based MSIG Insurance teams up with Plug and Play to promote innovation through insurtech startups
MSIG Insurance, a Singapore insurtech startup is teaming up with Plug and Play, a global startup accelerator and corporate innovation platform, to promote innovation within the general insurance space. We’ve covered Plug and Play many times on this site. Plug and Play is a global innovation platform and the world’s largest startup accelerator.
As part of the partnership agreement, MSIG Insurance will become a founding anchor partner of Plug and Play’s Insurtech platform in Singapore. This partnership will allow MSIG to build mutually beneficial relationships with startups that are developing exciting new technologies and solutions in the general insurance sector. The partnership will complement MSIG’s digital transformation journey, which is focused on building digital products and services for customers, 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. 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, Planning and Chairman, Digital Taskforce Asia.
Plug and Play has recently launched a Fintech and Insurtech innovation platform in Singapore. The primary objectives of this innovation platform are to invest in and help local and international Fintech and Insurtech startups grow through connecting them to major financial institutions and insurers. By introducing and facilitating connections to their global startup ecosystem, Plug and Play plans to spearhead corporate innovation and transformation for its corporate partners.
“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,” said Jupe Tan, Managing Partner, Plug and Play Asia Pacific.
For over 100 years, MSIG has been Asia’s leading general insurer with an extensive network in Asia – representation in every ASEAN country, Hong Kong, as well as Australia & New Zealand. With its wealth of experience and commitment to this region, MSIG leverages on its multi-channel distribution, strong partnerships with intermediaries, and extensive geographical network to offer a wide range of insurance solutions across personal and commercial lines. 5,000 dedicated employees across the region strive to go above and beyond to contribute to the development of a vibrant society and help secure a sound future for the earth, by bringing security and safety to its customers. MSIG is a part of Mitsui Sumitomo Insurance Company Limited, within the MS&AD Insurance Group. The Group is one of the top 10 non-life insurance groups in the world.
Founded in 2006, Plug and Play has built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Plug and Play provides active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, LendingClub, PayPal, SoundHound, and Zoosk. Their programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 220 official corporate partners, they have created the ultimate startup ecosystem in many industries. Plug and Play is also the world’s most active venture capital firm, with roughly 250 startup investments a year.