MSIG Insurance (MSIG) in Singapore has partnered with insurtech startup Anapi to offer innovative insurance protection through digital partners via an easy-to-integrate API service.
Anapi’s smart API hub sits between MSIG and the digital partners to enable the seamless connection between the two.
API-first design means that digital partners can test and embed relevant insurance propositions within their services in a matter of days compared to the usual months.
The API hub provides additional integrated services such as machine learning, data analytics and process automation to facilitate a frictionless customer experience.
To kick-start the collaboration, MSIG will be launching a flight delay insurance product through a digital partner’s travel assistant mobile app allowing customers to purchase flight delay insurance cover to Bangkok via the app from just S$2. As long as there is a departure delay of at least one hour, the flight delay claim will be auto-triggered. The policyholder will receive their claims payout via PayNow without the need to notify MSIG or submit any documentation.
Both companies will work together to roll out a wider range of insurance products that can be customised and easily integrated with a host of other digital services. This will ultimately benefit customers through the delivery of right-sized insurance solutions to them at the right time.
Michael Gourlay, CEO of MSIG Insurance (Singapore) commented: “We are living in a fast-changing world where technology is reshaping the nature of 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.”
George Kesselman, co-founder and CEO of Anapi said: “We believe insurance is a powerful growth tool for any digital business as it significantly increases both customer conversion and retention. The purpose of insurance is to reduce consumer anxieties and worries by managing the underlying risks. Digital services have a unique set of risks, and our tech stack frictionlessly delivers relevant insurance as a service to transfer those risks, in partnership with leading insurers,”
“We are on a lookout for insurers that are aligned both to our vision as well as our core values. MSIG stood out with their commitment to digital transformation as well as an amazing team. We are excited to partner with MSIG to continue pushing the boundaries of insurance.”