SINGAPORE - Media Outreach Newswire - 5 September 2024 - MSIG Asia ("MSIG") is pleased to announce a new regional partnership with Serenity Health Partners ("Serenity"), founded by respected 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), offering a unique blend of comprehensive yet affordable coverage.
Above L-R Kensuke Unoki, MSIG Singapore Managing Director, Mack Eng, MSIG Singapore CEO, Tetsuya Adachi, MSIG Asia Chairman, Clemens Philippi, MSIG Asia CEO, Derek Goldberg and Jonathan James, Serenity Health Partners Co-founders, Taketoshi Tarumoto, MSIG Asia Executive Officer, and William Song, MSIG Asia Chief Technical Officer.
To demonstrate its commitment, MSIG has invested in Serenity as a major shareholder. This investment highlights MSIG's confidence in Serenity's vision and reinforces its dedication to the long-term success and innovation of the partnership.
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 critical 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 brand-new 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, providing solutions that meet the unique needs of each core market across Southeast Asia initially.
What sets RPMI apart is the enhancement of domestic plan services, network coverage, benefits, and limits across an extensive regional footprint of local licenses, integrated with regionally harmonised value-added services and technology. Supported by Serenity's deep understanding of regulatory and cultural nuances, as well as regional expertise and economies of scale from its partners, the Serenity value proposition enables strategic optimisation across all locations. Additionally, Serenity leverages advanced insure-tech 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.
Serenity: Committed to advancing stability and integrity in health insurance Serenity is committed to guiding its clients towards holistic health, combining stability, adaptability and passion to achieve balance and overall well-being. This mission drives the company's three core principles:
Making insurance accessible: To tackle the challenge of rising medical costs, Serenity is committed to offering customers predictable rates. By applying advanced expertise in product design, underwriting, and claims management, the team implements robust cost containment strategies to maintain stable pricing and support overall stability in health insurance. This approach contributes to the sustainable development of society by ensuring that essential health coverage remains accessible and affordable.
Transparency and accountability: At Serenity, transparency and trust are prioritised through clear policy language and dependable claims payments. The company's commitment to integrity fosters a positive experience for both partners and customers.
Integrity and professional responsibility: The Serenity team upholds the highest legal and compliance standards in protecting individuals and maintaining market integrity across Asia's health insurance sector.
The strategic partnership highlights MSIG's dedication to advancing insurance solutions for its clients throughout the region. It also underscores the mutual commitment of both MSIG and Serenity to accelerate growth amidst the evolving insurance landscape.
SERENITYplus: Redefining health coverage for tomorrow To mark the launch of the partnership in Singapore, Serenity introduces SERENITYplus, a health insurance product which combines local and international coverage features into a unique hybrid solution for corporate groups. This balanced approach offers comprehensive medical benefits while prioritising cost containment, providing a cost-effective alternative to traditional IPMI plans.
With SERENITYplus, members receive exceptional healthcare services, backed by an extensive network of healthcare providers and an expert management team. Tailored specifically for the Asia market and aligned with Singapore standards, the plan maintains a competitive and efficient corporate benefits package, ensuring both high-quality care and peace of mind.
Quotes
"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 to extending our value proposition as we continue to provide a diverse range of competitive benefits and high-quality digital health services to our valued customers." Hashtag: #MSIGAsia #Serenity
The issuer is solely responsible for the content of this announcement.
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About MSIG Asia
MSIG, one of Asia's leading general insurance brands, is a member of the MS&AD Insurance Group Holdings Inc. and a wholly owned subsidiary of Mitsui Sumitomo Insurance Co. Ltd., boasting a robust credit rating of A+ Stable. With over 40,000 employees and presence in 48 countries and regions globally, the Group is amongst the world's top non-life insurance groups based on gross revenue. Within Asia, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan. It is the top non-life regional insurance provider in ASEAN based on gross written premiums. MSIG's expansive network also includes MS First Capital, headquartered in Singapore, and the Asia Pacific operations of MS Amlin. MS First Capital specialises in Corporate, Marine Hull, and unconventional risks, while MS Amlin delivers specialised insurance solutions in Property & Casualty, Marine & Aviation, and Reinsurance sectors.
Serenity is a regional health solutions provider dedicated to enhancing the health, well-being, and peace of mind of its customers. Founded with the mission of transforming the health insurance landscape, the company emphasises making insurance accessible through predictable rates, advanced product design, and effective cost containment. Serenity prioritises transparency and accountability, ensuring clear policy language and reliable claims payments for a positive customer experience. With a focus on regulatory compliance and ethical conduct, Serenity upholds high standards in the health insurance sector across Asia.