MSIG Asia has announced a strategic partnership with Serenity Health Partners to transform the health insurance sector across Asia.
The collaboration aims to close the gap between local health insurance offerings and international private medical insurance (IPMI), combining comprehensive coverage with affordability to meet the evolving needs of consumers in the region.
As part of the agreement, MSIG has taken an equity stake in Serenity, becoming a significant shareholder.
This investment underscores the company’s long-term commitment to innovation in the health insurance market.
The partnership will debut in Singapore, with plans to expand into Indonesia and Vietnam, subject to regulatory approval.
Serenity will be appointed as the underwriting agent for a targeted segment of MSIG Singapore’s health insurance business.
The partnership aims to address a key challenge in the health insurance market in Asia, where local products offer basic coverage at lower costs, while IPMI offers broader, international benefits but at higher premiums.
Serenity has developed a new category, regional private medical insurance (RPMI), to bridge this divide.
RPMI is designed to combine the best elements of both local and international coverage, offering tailored plans that meet the specific needs of Southeast Asian markets.
Serenity’s approach integrates regional expertise with advanced technology, allowing for more efficient policy management and streamlined claims processing.
The RPMI product also enhances domestic services while offering expanded network coverage and improved benefits, making it a viable alternative for customers seeking a balance between cost and comprehensive care.
This collaboration is launching at a time of growing demand for health insurance solutions across Asia, driven by rising health awareness and an expanding middle class.
In Singapore, consumers are increasingly seeking insurance plans that cover outpatient care, wellness programs, mental health services, and alternative treatments.
Indonesia’s health insurance market is benefiting from an increase in outbound medical tourism, while in Vietnam, rising healthcare costs and ongoing reforms are driving demand for enhanced insurance coverage.
As part of the launch, Serenity has introduced SERENITYplus, a health insurance product aimed at corporate groups.
This hybrid solution combines local and international coverage, with a focus on cost-effective medical benefits.
SERENITYplus is positioned as a cost-effective alternative to traditional IPMI plans, balancing affordability with comprehensive care.
Clemens Philippi, CEO of MSIG Asia, said the partnership allows the company to offer innovative and accessible insurance solutions that address coverage gaps and provide value to clients across the region.
“Together, we are poised to redefine the insurance experience and set new industry standards,” he said.
Jonathan James, co-founder of Serenity, added that the collaboration marks an important milestone in the company’s mission to deliver comprehensive and affordable health coverage.
“We look forward to leveraging our combined expertise to drive positive change in the insurance industry,” he said.
The launch of this partnership comes at a time when rising healthcare costs are a major concern for consumers in Asia.
According to a 2024 survey by Manulife, healthcare expenses are now a top financial worry for many individuals in the region, surpassing general inflation concerns.
The survey, which gathered responses from 8,400 participants, found that 75% of respondents were more concerned about rising healthcare costs than overall inflation.
Physical wellbeing emerged as a top priority, with 39% of respondents placing it above financial and mental health.
The survey also revealed that many consumers still rely on cash savings for retirement, with less focus on investment products or critical illness coverage, which remains low at just 18%. This gap presents an opportunity for insurers to expand their offerings in the region.
