MSIG Insurance Singapore has linked up with Anapi, an insurtech start-up focused on developing integrated application program interfaces (APIs).
The partnership will utilise API-first design in its collaborations, allowing solutions to be tested and embedded within MSIG’s services in a matter of days, rather than months. Furthermore, the API hub provides additional integrated services such as machine learning, data analytics and process automation to facilitate a seamless customer experience.
The first collaboration under the partnership will be a flight delay insurance product through a digital partner’s travel assistant mobile app. According to MSIG, customers will be able to purchase flight delay insurance for trips to Bangkok via the app from just SG$2. If there is departure delay of at least one hour, the flight delay claim will be auto-triggered, and the policyholder will receive their claims payout via PayNow. There will be no need to notify MSIG or submit any documentation.
“We are living in a fast-changing world where technology is reshaping the nature of insurance,” said Michael Gourlay, CEO of MSIG Insurance Singapore. “Our collaboration with Anapi, who are at the forefront of insurtech, will reshape how personalised insurance such as smart contracts can be offered and easily integrated with digital services. Adopting new plug-in technologies such as APIs will enable us to provide an ‘Always-On’ service and embed insurance into the digitally enabled ecosystems.”
“We believe insurance is a powerful growth tool for any digital business as it significantly increases both customer conversion and retention,” said George Kesselman, co-founder and CEO of Anapi. “The purpose of insurance is to reduce consumer anxieties and worries by managing the underlying risks. Digital services have a unique set of risks, and our tech stack frictionlessly delivers relevant insurance as a service to transfer those risks, in partnership with leading insurers.”
Both companies said in a statement that they are working together to release more insurance products that can be customised and easily integrated with a host of other digital services.
