MSIG Singapore and insurance technology firm Stere Asia have partnered with Silversky, a supplier of premium pet products, to introduce a digital pet insurance product in Singapore.
The offering, called Silversky Protect, provides comprehensive insurance solutions designed for pet owners.
The collaboration leverages Silversky’s distribution network, MSIG’s expertise in underwriting, and Stere Asia’s digital technology to streamline the purchase and management of pet insurance policies.
Esmond Low, managing director of Silversky, said the partnership aims to enhance the value Silversky delivers to its customers by offering them added peace of mind.
“At Silversky, we are always looking for ways to enhance the experience of our customers and business partners,” he said.
Fiona Symons, head of Asia at Stere Asia, emphasised the role of the company’s technology in enabling seamless integration.
“Our API platform facilitates seamless insurance integration into any digital experience, making it easier for customers to protect themselves and their loved ones,” she said.
Mack Eng, CEO of MSIG Singapore, highlighted how the collaboration aligns with the insurer’s digital strategy.
“Our partnership with Silversky and Stere Asia allows us to effectively reach pet owners and deliver our products through a trusted digital platform,” he said.
The newly launched Silversky Protect policy covers various medical expenses, including treatments for accidents and illnesses, surgery, and post-operative care. The product also offers third-party liability coverage.
Key policy features include:
Additional benefits include complementary therapies like acupuncture and physiotherapy, emergency pet transport, and a recovery-focused “get well” benefit.
Policies do not require a clinical examination, streamlining the process for pet owners.
The pet insurance sector is poised for substantial growth, driven by increasing pet ownership and rising veterinary costs.
A report by Allied Market Research estimates the global market, valued at $10.1 billion in 2023, will grow to $38.3 billion by 2033, reflecting a compound annual growth rate (CAGR) of 14.5%.
Growing interest in pet insurance is attributed to higher spending on pet healthcare, including advanced treatments for chronic and acute conditions.
Innovations in pet health technology, such as telemedicine and wearable devices, are expected to create further opportunities for insurers.
