MSIG Asia (MSIG) is joining with Serenity Health Partners to launch a new product that bridges the gap between local health insurance products and international private medical insurance (IPMI) with a new regional private medical insurance (RPMI) product.
The Serentiyplus product will first launch in Singapore, before being rolled out to the emerging markets of Indonesia and Vietnam in the following year.
Serenityplus is a health insurance product which combines local and international coverage features into a hybrid solution for corporate groups.
RPMI features tailored domestic plus plans with benefits, an optimised medical network, and premium service capabilities, providing solutions that aim to meet the unique needs of each core market across Southeast Asia initially.
Tailored specifically for the Asia market and aligned with Singapore standards, the RPMI product in Singapore follows the development of hybrid IPMI similar products in Hong Kong. Health & Protection reported in September 2023 that the development of a hybrid international private medical insurance (IPMI) and local product in Hong Kong had blurred the market for IPMI policies there, according to Aniz Sirajudin regional IPMI leader for Mercer Marsh Benefits based in Singapore.
The new initiative in Singapore comes at a time when markets in Asia are poised for growth, driven by increasing health awareness and a burgeoning middle class.
Singapore has shown a rising demand for flexible insurance plans encompassing various healthcare needs, including outpatient care, wellness initiatives, mental health coverage, and alternative treatments.
Meanwhile, 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.
Partnership
Pending necessary approvals from the regulator, MSIG Singapore will appoint Serenity as its underwriting agent for a targeted segment of health business in Singapore.
MSIG said: “The collaboration aims to redefine the health insurance landscape by bridging the gap between local health insurance products and IPMI, offering a unique blend of comprehensive yet affordable coverage. “
MSIG has invested in Serenity as a major shareholder, which it said demonstrates MSIG’s confidence in Serenity’s vision and reinforces its dedication to the long-term success and innovation of the partnership.
MSIG said: “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.”
RPMI offers enhanced 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.
Serenity also uses advanced insure-tech to enhance policy management, onboarding, online app usage, and claims data analytics, improving accessibility, efficiency, and responsiveness for members and partners.
New industry standards
Clemens Philippi, CEO of MSIG Asia, said: “We are excited to join forces with Serenity.
“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 insurance experience and set new industry standards.”
Mack Eng, CEO of MSIG Singapore said: “Health insurance is integral to our suite of comprehensive solutions.
“We look forward to this new collaboration with Serenity, and extend our value proposition as we continue to provide a diverse range of competitive benefits and high-quality digital health services to our valued customers.”
Jonathan James, co-founder of Serenity, said: “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.”
Derek Goldberg, co-founder of Serenity, said: “We look forward to leveraging our combined expertise to drive positive change in the insurance industry.
“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.”