Singapore-based MSIG Insurance has announced a collaboration with insurtech startup Anapi, through which the companies will seek to develop ‘next generation insurance products for a digital ecosystem’.
The collaboration will begin with the launch of a flight delay insurance product, which will be delivered via a travel assistant mobile app provided by a digital partner. Customers will have the opportunity to purchase flight delay cover from Singapore to Bangkok for only a few dollars; should there be a delay of at least one hour, claims will be auto-triggered and policyholders will be paid via PayNow with no requirement to submit documentation.
“We are living in a fast-changing world where technology is reshaping the nature of insurance,” said Michael Gourlay, CEO of MSIG 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. 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 ‘always-on’ service and embed insurance into the digitally enabled ecosystems.”