How does the new partnership aim to bridge the health insurance gap in Asia?

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The new partnership aims to bridge the health insurance gap in Asia by introducing a hybrid model that merges the benefits of local and International Private Medical Insurance (IPMI).

The collaboration between MSIG Asia and Serenity Health Partners seeks to address the current disparity in the Asian health insurance market, where local products offer limited coverage at lower costs, and IPMI provides extensive benefits but at a significantly higher price point. This initiative introduces Regional Private Medical Insurance (RPMI) as a new segment designed to offer a balanced solution. The partnership will initially launch in Singapore, with plans to expand into Indonesia and Vietnam within the following year.
Introduction of Regional Private Medical Insurance (RPMI)

Serenity Health Partners has developed RPMI as a novel approach to health insurance in Asia. This segment is engineered to combine the tailored domestic plans, cost-effective benefits, and optimised medical networks characteristic of local insurance with the broader coverage and premium service capabilities typically found in international plans. This hybrid model aims to provide comprehensive medical benefits while also focusing on cost containment, offering a more accessible and integrated solution for the region's diverse market needs.
Leveraging Insurtech for Enhanced Services

A key component of this partnership involves the strategic utilisation of advanced insurtech by Serenity. This technology is being implemented to improve various aspects of the insurance experience, including policy management, the onboarding process for new clients, the functionality of online applications, and the analysis of claims data. By enhancing these operational efficiencies, the partnership aims to increase accessibility, streamline processes, and improve responsiveness for both policyholders and partners.
SERENITYplus Product for Corporate Groups

As part of the launch in Singapore, Serenity is introducing SERENITYplus, a specific health insurance product designed for corporate groups. This product embodies the hybrid approach of the RPMI segment by integrating features of both local and international coverage. SERENITYplus is positioned as a cost-effective alternative to traditional IPMI plans, offering comprehensive medical benefits tailored for the Asian market and aligned with Singaporean standards, ensuring a competitive and efficient benefits package for businesses.
Strategic Market Expansion and Regulatory Engagement

The partnership is set to commence in Singapore, with deliberate expansions planned for Indonesia and Vietnam in the subsequent year. This phased approach allows for market-specific adjustments and growth. Pending regulatory approvals, MSIG Singapore will appoint Serenity as its underwriting agent for a defined segment of its health business within Singapore, indicating a close operational integration and a commitment to navigating the regulatory landscape effectively to deliver these new offerings.

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How does the new partnership aim to bridge the health insurance gap in Asia?

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