SINGAPORE - Media OutReach Newswire - 20 August 2024 - MSIG Insurance has partnered with its intermediary, Embed Global, to simplify the purchasing journey for business insurance through the Whatsapp platform. This marks the general insurer's second foray using a WhatsApp chatbot to automate insurance quotations, with the target market of small and medium-sized enterprises (SMEs) this time round.^[1]

The process of obtaining business insurance coverage is streamlined through a chatbot-led conversation. This intuitive experience significantly reduces the time required for SME clients who need to provide just some basic information to receive an instant quote. They can complete the transaction via a payment link provided by the chatbot and receive their e-policies by email.

The automation leverages Artificial Intelligence and an Application Programming Interface (API) to connect the chatbot to MSIG's underwriting and rating model. This helps to facilitate the seamless quotation for SMEs to purchase SUMO, a business insurance package underwritten by MSIG.

This all-in-one policy provides coverage for property, liability, business interruption and employee-related risks, and offers the option for SMEs to further customise benefits to suit their needs.

Mack Eng, CEO of MSIG Singapore said, "The availability of appropriate insurance policy cover is important for business continuity and success of SMEs, which constitute 99% of businesses in Singapore. Lack of insurance protection or underinsurance can significantly hinder their growth with ripple effects impacting the economy. Through our collaboration with Embed Global, we aim to foster entrepreneurship by making insurance both accessible and affordable. This partnership ensures our SME clients have adequate financial protection to navigate risk events and recover swiftly."

Dennis Ng, CEO of Embed Global added, "As a homegrown company, we are thrilled to collaborate with MSIG to enhance insurance accessibility for SMEs and support small business owners in their growth journey. MSIG is a reliable and trusted insurer with a proven history in business insurance. Their extensive knowledge and expertise align well with our mission to empower customers with simple, essential insurance."

Kenny Yap, Senior Vice President, Corporate Distribution, MSIG Singapore said, "Technology and automation play a vital role in helping us build stronger relationships with SMEs. By expanding our distribution through new digital touchpoints like Whatsapp, it will streamline to make it easier and more efficient for SMEs to secure insurance to protect their assets and their employees. This initiative continues to underscore our commitment to serve the SME segment in innovative ways."

SMEs who wish to be covered by MSIG's business insurance package - SUMO, can access Embed Global's chatbot at +65 8915 4640 or https://embed.global/besafe.

Hashtag: #MSIG

The issuer is solely responsible for the content of this announcement.

About MSIG Insurance (“MSIG”)

A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.

A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions.

MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.

www.msig.com.sg

About Embed Global

Embed Global is focused on providing protection solutions embedded in life's moments with the aim of closing the global protection gap, simplifying the purchase journey through technology, and connecting ecosystems to provide these solutions. Embed Global's ConnectSure is an innovative platform designed to seamlessly integrate diverse ecosystems through robust APIs to foster connections cross borders and industries. Embed Global operates in Singapore, Indonesia, Botswana and Zimbabwe to support and drive inclusive insurance.