MSIG Insurance partners with Plug and Play to Promote Innovation through Startups

6 August 2018

MSIG Insurance, a leading general insurer in Asia, announced today that it has entered into a strategic partnership with Plug and Play, a global startup accelerator and corporate innovation platform, to promote innovation within the general insurance space.

MSIG-Insurance

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. 

About Plug and Play

Plug and Play is a global innovation platform. Headquartered in Silicon Valley, they have built accelerator programs, corporate innovation services, and an in-house VC to facilitate technological advancement progress faster than ever before. Since inception in 2006, 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. They are the world’s most active venture capital firm, with roughly 250 startup investments a year. 

The Singapore office was launched in 2010 to invest in high tech startups in the region. Since then they have invested in more than 30 startups and have collaborated with various agencies of the Singapore and Indonesian governments, as well as partnered with multinational and regional corporations to run industry-specific accelerator programs. For more information, visit www.plugandplaytechcenter.com/singapore  

For more information, please contact the MSIG Asia communications team.