MSIG Asia (MSIG) has announced that it has invested in a major stake in Serenity Health Partners (Serenity), a Singapore-incorporated health solutions provider.
The two sides have formed a regional partnership that aims to redefine the health insurance landscape by bridging the gap between local health insurance products and International Private Medical Insurance (IPMI).
In a statement, MSIG said, “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.”
The health insurance industry in Asia
MSIG says that 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.
The health insurance industry in Asia 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.
Merging benefits of both local and global insurance strategies
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 InsurTech to enhance policy management, onboarding, online app usage, and claims data analytics, improving accessibility, efficiency, and responsiveness for members and partners.
To mark the launch of the partnership in Singapore, Serenity introduces SERENITYplus, a health insurance product that combines local and international coverage features into a hybrid solution for corporate groups. This offers comprehensive medical benefits while prioritising cost containment, providing a cost-effective alternative to traditional IPMI plans.
MSIG Asia
MSIG, one of Asia's leading general insurance brands, is a member of the MS&AD Insurance Group Holdings and a wholly owned subsidiary of Mitsui Sumitomo Insurance, boasting a robust credit rating of ‘A+, Stable’. With over 40,000 employees and a 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.
Serenity
Founded by industry veterans Mr Jonathan James and Mr Derek Goldberg, and registered in Singapore this year, Serenity emphasises making insurance accessible through affordable price points, 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. Serenity also focusses on regulatory compliance, transparency, ethical conduct, and the highest standards in the health insurance sector across Asia.