MSIG Insurance grows bancassurance business with an exclusive 15-year deal with HSBC in Singapore



  • The partnership will foster synergies between two financial leaders in delivering bespoke experience for customers purchasing general insurance.
  • To meet customers' evolving general insurance needs, both parties will leverage on data and smart technologies to drive further innovations.

SINGAPORE - Media OutReach - 25 April 2023 - MSIG Insurance ("MSIG") and The Hongkong and Shanghai Banking Corporation Limited ("HSBC") have entered into a 15-year general insurance distribution agreement today.

MSIG Insurance and HSBC signed a 15-year exclusive bancassurance partnership covering general insurance product distribution in Singapore through the bank. Representing both parties at the signing ceremony are (from left): Mr. Harpreet Bindra (Head of Strategy & Business Development, HSBC Life Singapore), Ms. Ashmita Acharya (Head of Wealth & Personal Banking, HSBC Singapore), Mr. Wong Kee Joo (CEO, HSBC Singapore), Mr. Mack Eng (CEO, MSIG Singapore), Ms. Ho Lee Yen (CEO, HSBC Life Singapore) and Mr. Takahiro Sawada (Managing Director, MSIG Singapore).
MSIG Insurance and HSBC signed a 15-year exclusive bancassurance partnership covering general insurance product distribution in Singapore through the bank. Representing both parties at the signing ceremony are (from left): Mr. Harpreet Bindra (Head of Strategy & Business Development, HSBC Global Insurance and Partnerships), Ms. Ashmita Acharya (Head of Wealth & Personal Banking, HSBC Singapore), Mr. Wong Kee Joo (CEO, HSBC Singapore), Mr. Mack Eng (CEO, MSIG Singapore), Ms. Ho Lee Yen (CEO, HSBC Life Singapore) and Mr. Takahiro Sawada (Managing Director, MSIG Singapore).

Under this exclusive arrangement, MSIG will distribute its commercial and personal suite of insurance solutions to HSBC's customers in Singapore, leveraging the bank's commercial banking channels as well as personal banking network and platforms comprising of its retail branches, digital and mobile banking channels.

HSBC is one of the largest banking and financial services organisations in the world. HSBC in Singapore offers a comprehensive range of banking and financial services including retail and commercial banking, wealth management, investment and private banking and insurance.

MSIG Singapore's CEO, Mack Eng says, "Our alliance with HSBC marks a significant milestone and signals a new and exciting chapter for MSIG as we grow our bancassurance portfolio in Singapore. This partnership has brought together two strong financial services brands, with a common aspiration to extend general insurance offerings and accessibility through product innovation and digital collaboration. MSIG and HSBC will jointly expand and broaden the bancassurance portfolio, with a focus on addressing the evolving insurance needs for the bank's fast-growing customer segments."

Commenting on the new partnership, MSIG Asia's CEO Clemens Philippi says, "We are happy to be partnering one of the most established banks in the region to grow our bancassurance value proposition in Singapore, a key market for MSIG Asia's operations. With our combined strengths and expertise, we can create value for a more protection-focused future for individuals, their families and businesses. Through our partnership, we look forward to strengthening MSIG's position in Singapore with profitable growth."

MSIG is the leading provider for general insurance in Asia based on Gross Written Premiums, with an established network of 18 markets in the region. A pioneering player in the bancassurance industry, it currently has the majority of the bancassurance market share in Asia.

In Singapore, MSIG Singapore is ranked amongst the top five out of approximately 40 general insurers based on Gross Written Premiums[1]. It is the largest insurer for Cargo insurance and second largest insurer for Employer's Liability, Marine Hull and Personal Accident insurance.



[1] Based on General Insurance Association's industry statistics for Singapore Insurance Fund 2022.




Hashtag: #MSIGInsurance

The issuer is solely responsible for the content of this announcement.
About MSIG Insurance (“MSIG”)
About MSIG Insurance (“MSIG”)
A 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. In 2022 and 2020, MSIG Singapore was awarded Insurance Asia Awards' Claims Initiative of the Year.

MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.


SOURCE:

MSIG Insurance (Singapore) Pte. Ltd.

CATEGORY:

Insurance

 
PUBLISHED ON:

25 Apr 2023

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