MSIG Insurance, HSBC ink exclusive 15-Year deal to grow bancassurance business in Singapore

MSIG Insurance has signed an exclusive 15-year general insurance distribution agreement with The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Singapore.

Under this agreement, MSIG will provide its commercial and personal suite of insurance solutions to HSBC’s customers in Singapore, utilizing the bank’s commercial and personal banking channels, including its retail branches and digital banking platforms.

The partnership aims to bring together two financial leaders in delivering bespoke customer experiences, leveraging data and smart technologies to drive innovation.

MSIG and HSBC will jointly expand and broaden the bancassurance portfolio with a focus on addressing the evolving insurance needs of the bank’s fast-growing customer segments.

MSIG is the leading provider of general insurance in Asia based on Gross Written Premiums, with a well-established network of 18 markets in the region. As a pioneering player in the bancassurance industry, it currently holds the majority of the bancassurance market share in Asia.

MSIG’s CEO for Singapore, Mack Eng, stated that the partnership with HSBC marks a significant milestone and a new chapter for MSIG’s bancassurance portfolio in Singapore.

The partnership brings together two strong financial services brands, with a common goal of extending general insurance offerings and accessibility through product innovation and digital collaboration.

MSIG Asia’s CEO, Clemens Philippi, expressed satisfaction in partnering with one of the most established banks in the region to grow its bancassurance value proposition in Singapore, a key market for MSIG Asia’s operations.

Through their combined strengths and expertise, they aim to create value for a more protection-focused future for individuals, their families, and businesses.

MSIG Singapore is ranked among the top five out of approximately 40 general insurers in Singapore based on Gross Written Premiums, and it is the largest insurer for Cargo insurance and the second largest for Employer’s Liability, Marine Hull, and Personal Accident insurance.

The partnership is expected to foster synergies between two financial leaders, delivering innovative products and services to customers. MSIG and HSBC aim to expand their bancassurance portfolio, addressing the evolving insurance needs of customers in Singapore through data-driven insights and smart technologies. –

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