MSIG Insurance coverage (MSIG) has signed a 15-year normal insurance coverage distribution settlement with banking group HSBC in Singapore.
Beneath the unique bancassurance alliance, MSIG will present HSBC’s Singapore clients with a wide range of industrial and private insurance coverage companies.
The partnership is anticipated to bolster MSIG’s place in Singapore’s insurance coverage trade.
MSIG hope to make use of the financial institution’s industrial banking channels in addition to its private banking community and platforms, which embody its retail branches, and digital, and cell banking channels.
In Singapore, HSBC offers a big selection of companies, together with retail and industrial banking, wealth administration, funding and personal banking, and insurance coverage.
MSIG Singapore CEO Mack Eng stated: “Our alliance with HSBC marks a big milestone and indicators a brand new and thrilling chapter for MSIG as we develop our bancassurance portfolio in Singapore.
“This partnership has introduced collectively two robust monetary companies manufacturers, with a typical aspiration to increase normal insurance coverage choices and accessibility by way of product innovation and digital collaboration.
“MSIG and HSBC will collectively broaden and broaden the bancassurance portfolio, with a concentrate on addressing the evolving insurance coverage wants for the financial institution’s fast-growing buyer segments.”
MSIG is a subsidiary of Mitsui Sumitomo Insurance coverage and part of the MS&AD Insurance coverage Group.
It claims to be among the many prime insurers in Singapore and a number one supplier of options reminiscent of cargo insurance coverage, employer’s legal responsibility insurance coverage, marine hull and private accident insurance coverage.