MSIG Asia has announced a new regional partnership with Serenity Health Partners, founded by industry veterans Jonathan James and Derek Goldberg. The collaboration aims to redefine the health insurance landscape by bridging the gap between local health insurance products and international private medical insurance (IPMI).

The healthcare segment is a top growth initiative in MSIG’s long-term strategy for the Asia region. To set the pace, this partnership will launch in Singapore, followed by expansions into emerging markets, Indonesia and Vietnam in the following year. Pending necessary approvals from the regulator, MSIG Singapore will appoint Serenity as its underwriting agent for a targeted segment of health business in Singapore.

Insights into the health insurance industry in Asia

The health insurance industry currently faces a disparity: local products often provide limited coverage and service quality at lower costs, while IPMI offers extensive international benefits and coverage at a higher price.

To bridge this gap, Serenity has introduced regional private medical insurance (RPMI), a segment designed to merge the benefits of both local and global insurance strategies. RPMI features tailored domestic plans with cost-effective benefits, an optimised medical network, and premium service capabilities. According to Serenity, it provides solutions that meet the unique needs of each core market across Southeast Asia initially.

RPMI enhances domestic plan services, network coverage, benefits, and limits across an extensive regional footprint of local licences, integrated with regionally aligned value-added services and technology. Additionally, Serenity leverages advanced insurtech to enhance policy management, onboarding, online app usage, and claims data analytics, improving accessibility, efficiency, and responsiveness for members and partners.

This initiative comes at a time when markets in Asia are poised for growth, driven by increasing health awareness and a burgeoning middle class. Singapore shows a rising demand for flexible insurance plans encompassing various healthcare needs, including outpatient care, wellness initiatives, mental health coverage, and alternative treatments. Indonesia’s market is bolstered by growing outbound medical tourism, while Vietnam’s growth is driven by escalating medical costs, ongoing healthcare reforms, and heightened health awareness among the population.

SERENITYplus

To mark the launch of the partnership in Singapore, Serenity is introducing SERENITYplus, a health insurance product tailored specifically for the Asian market and aligned with Singapore standards, which combines local and international coverage features into a hybrid solution for corporate groups.

In a recent meeting led by the World Health Organization (WHO), health officials strategised ways to scale up innovations and improve quality integrated primary healthcare in the Southeast Asia region.