Mitsui Sumitomo Insurance joins BEYOND Consortium to bid for Singapore's digital full bank licence, marking a major step forward in its digital ambition
- Mitsui Sumitomo Insurance Co., Ltd., has joined BEYOND Consortium, led by V3 Group and EZ Link, to bid for a digital full bank licence in Singapore
- The unmatched connectivity and consolidation of strengths of the Consortium are expected to create a comprehensive ecosystem that will deliver new digital experiences
- MSI's general insurance arm in Singapore - MSIG Insurance - will customise a range of affordable insurance products to widen financial inclusion
The BEYOND Consortium comprising Mitsui Sumitomo Insurance ("MSI"), V3 Group Limited, Far East Organization, Singapore Business Federation, EZ-Link Pte Ltd and Heliconia Capital Management has announced on 5 January 2020 on its submission of a bid to the Monetary Authority of Singapore for a Digital Full Bank Licence.
MSI holds a minority stake in the Consortium and will support BEYOND through its general insurance arm in Singapore - MSIG Insurance ("MSIG Singapore").
Mr. Alan Wilson, CEO of MSIG Asia, said, "This partnership is strategically important to MSI as a group as well as to us in the region. We look forward to the opportunity to help and to support the under-served in Singapore through our extensive expertise, customised service and offerings, and strong regional network. Being the largest general foreign insurer with a presence in all of the ASEAN markets puts us in a unique position to be part of this joint ambition through the Beyond Consortium."
Mr. Craig Ellis, CEO of MSIG Singapore added, "As a major financial centre, Singapore is an ideal launch pad and a natural springboard to the region for digital banking. The digital bank licence will enable MSIG to strengthen its industry-leading position in Singapore's general insurance market. This is a very exciting phase for MSIG, and we are extremely pleased to have found like-minded partners whose vision is aligned with our Group's global ambition to expand its digital footprint."
Besides being a key market for the Group, Singapore is also the base for MSI's Global Digital Hub, which was set up last year to drive digitalisation across businesses with a focus on ASEAN markets. MSIG Singapore was most recently named the 'Most Transformative Insurer of the Year' by IDC Financial Insights and the 'Digital Insurer of the Year' by The Asset, for its outstanding digital initiative in using robotics process automation to achieve significant business improvements.
MSIG is one of the few general insurers in Singapore with the expertise to underwrite and distribute both commercial and personal insurance. The company will leverage advanced technologies and analytics to drive innovation and customise products for BEYOND in the form of micro-coverages, modular and usage-based insurance. The product range which MSIG will develop for BEYOND will cover the protection needs of the under-served including SMEs, the silver segment and the gig economy.
"Key to the Consortium's ethos is to serve and to elevate communities. Affordability is therefore crucial to drive better outcomes and enhance financial inclusion. Besides empowering individuals to lead fulfilling lives through adequate risk protection, MSIG will support the growth aspirations of local businesses by lowering cost barriers and providing them easier access to insurance covers," said Mr. Ellis.
As one of the leading property, cargo and employer liability insurers, MSIG has strong links and inimitable understanding of the SME market. MSIG's over a decade-long experience in bancassurance distribution has also established the company as a dominant player in the retail and SME segments.
Mr. Ellis added, "Our deep appreciation of the insurance needs of the SMEs and consumers across segments are distinct competitive advantages that puts us in a strategic position to support the Consortium. Given our regional connectivity and global resources, we are well placed to support the Consortium's expansionary plans beyond the Singapore shores."
Please refer to the joint release by the Consortium here.
About MS&AD Insurance Group ("MS&AD")
Awarded 'General Insurance Company of the Year' by the Asia Insurance Review in 2011, MS&AD was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co. Ltd., and Nissay Dowa General Insurance Co., Ltd. Today MS&AD is one of the largest general insurance groups in the world with presence in 47 countries and regions, 19 of which are in Asia and Oceania. Based in Japan, MS&AD is active in five business domains, namely domestic (Japanese) non-life insurance, domestic (Japanese) life insurance, overseas business, financial services business and risk-related business.
About Mitsui Sumitomo Insurance ("MSI")
MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. ("Mitsui Marine") and the former Sumitomo Marine & Fire Insurance Co., Ltd. ("Sumitomo Marine"). Mitsui Marine and Sumitomo Marine were leading Japanese non-life insurance companies with proud and long histories, having been established in 1918 and 1893, respectively, MSI also benefits from being a member of MS&AD Insurance Group - one of the largest general insurance groups in the world.
About MSIG Holdings (Asia) Pte Ltd ("MSIG Asia")
For over 100 years, MSIG has been Asia's leading general insurance brand. With our wealth of experience and commitment to this region, we are able to leverage on our multi-channel distribution, strong partnerships with intermediaries and extensive geographical network to offer a wide range of insurance solutions across personal and commercial lines. MSIG is represented in all markets in ASEAN, and also in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan with over 10,600 employees.
Located in Singapore, MSIG Asia is the regional holding company and a wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited, within the wider MS&AD Insurance Group - one of the top five non-life insurance groups in the world.
About MSIG Insurance ("MSIG Singapore")
MSIG Insurance (Singapore) Pte. Ltd., a subsidiary of MSI and a member of the MS&AD Insurance Group, is Singapore's leading general insurer. With a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.
A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. MSIG Singapore was named Asia's Most Transformative Insurer (2019) by the IDC Financial Insights and The Digital Insurer of the Year (2018) by The Asset, an independent financial research publication in Asia. Other notable awards from leading publications include the Best Electronic Solution (2018) by The Asset; Travel Insurance Initiative of the Year for Singapore (2019) by Insurance Asia; Claims Initiative of the Year for Singapore (2018) by Insurance Asia; New Insurance Product of the Year for Singapore (2018) by Insurance Asia; and Insurer Claims Team of the Year (2016) by Insurance Post.