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Tag: MSIG

  • MSIG Insurance celebrates 10 years of growth in Vietnam

    MSIG Insurance celebrates 10 years of growth in Vietnam

    General insurer MSIG Vietnam celebrated its 10th anniversary recently at the Sheraton Hanoi Hotel and Hotel Nikko Saigon (Ho Chi Minh City) on 11th and 12th March 2019 respectively. More than 500 partners, customers and staff attended the celebrations which mark the success of MSIG Vietnam that could only have been achieved with the strong support of its partners and customers over the years.

    It was an honour to also have guests-of-honour, Mr. Phung Ngoc Khanh, Director General of Insurance Supervisory and Authority, Ministry of Finance, Mr. Kunio Umeda, Ambassador of Japan in Vietnam, and Mr. Junichi Kawaue, Consulate General of Japan, grace the occasions.

    Celebrating the occasion with kagami-biraki or traditional Japanese sake barrel-breaking ceremony – an auspicious ceremony that represents good harmony and fortune. From L to R: Mr. Alan J. Wilson, CEO, MSIG Asia; Mr. Hideyuki Tanaka, Chairman, MSIG Asia; Mr. Yujiro Sobajima, General Director, MSIG Insurance (Vietnam) Co., Ltd.; Mr. Noriyuki Hara, President and CEO, Mitsui Sumitomo Insurance Co., Ltd.; Mr. Kunio Umeda, Ambassador of Japan in Vietnam; Mr. Phung Ngoc Khanh, Director General of Insurance Supervisory and Authority, Ministry of Finance.

    MSIG has been doing business in Vietnam for over 25 years, beginning with a representative office of the Tokyo-based Mitsui Sumitomo Insurance in Hanoi in 1994. In 2009, a subsidiary office was established and that marked the beginning of MSIG Insurance (Vietnam). The company started out by supporting Japanese corporate clients, and within 10 years, laid the foundation to also expand its business to offer insurance solutions to non-Japanese clients and develop its bancassurance channels.

    “Since its establishment, MSIG Insurance (Vietnam) has been contributing to the development of the Vietnamese economy by supporting the expansion of Japanese corporate businesses through 2

    general insurance solutions. Today, we also support Vietnamese corporate businesses and the portfolio of non-Japanese clients have increased to 20%”, said Mr. Noriyuki Hara, President and Chief Executive Officer (CEO) of Mitsui Sumitomo Insurance Co., Ltd.

    Mr. Noriyuki Hara, President and CEO, Mitsui Sumitomo Insurance Co., Ltd.

    “Among our global activities, our main focus is on Asia. We are the largest non-life insurance company in the region to operate in all 10 ASEAN countries. Among these countries, Vietnam is one of the most noteworthy. We will continue to push ourselves to achieve more and provide the highest level of service quality to our clients to contribute to the further development of Vietnam. We truly appreciate the continuous guidance and encouragement from all our clients and partners”, Mr. Hara continued.

    During the celebrations, the Minister of Finance also presented MSIG Vietnam with a “Certificate of Merit” to recognise the company’s efforts in contributing to the development of Vietnam’s insurance industry from 2009 to 2018. The recognition is testimony of the strong relations that MSIG has in the country and encourages its staff to continue to go above and beyond to serve the needs of their customers in Vietnam.

  • MSIG Hong Kong names Philip Kent as new CEO

    MSIG Hong Kong names Philip Kent as new CEO

    General insurer, MSIG, has announced the appointment of Philip Kent to the role of Chief Executive Officer (CEO). He succeeds former CEO, Kenneth J. Reid, who has retired after 26 years with MSIG Hong Kong. Philip Kent most recently served as Executive Vice President of Planning for the Singapore-based regional holding company, MSIG Holdings Asia, over the last two years leading business development across the region and spearheading the regional digital strategy in Asia. With more than 28 years in the insurance industry, he has broad insurance market experience encompassing leadership and technical roles across Asia, including Indonesia, Thailand and Hong Kong.

    “We are pleased to have Philip lead MSIG Hong Kong as CEO. His accomplishments and track record of building strong partner relationships and inspiring colleagues make him an ideal leader. He is also very familiar with the market having worked in Hong Kong for 11 years,” said Alan J. Wilson, regional CEO, MSIG Holdings Asia.
    “The industry is dynamic with many insurers going digital and leveraging on new technologies. With Philip’s experience, he will be able to continue the digital transformation that Ken has started for MSIG, ensuring that we are well placed to continue serving the needs of our customers in Hong Kong,” he added.

    Outgoing CEO Kenneth J. Reid has retired after leading MSIG Hong Kong as CEO for 13 years and after a successful career of nearly 35 years with the Group. During his tenure, Mr Reid led MSIG Hong Kong to more than double its gross written premiums and played an instrumental role in forming a partnership with DUAL Asia in 2009, significantly expanding MSIG’s business portfolio. He also contributed to Hong Kong’s general insurance industry as Chairman of the Motor Insurer’s Bureau of Hong Kong from 2015 to 2017.

    “Ken’s vision, accomplishments and impressive track record of building strong client relationships, have materially strengthened MSIG Hong Kong. He leaves a firm foundation and a resilient company. I would like to sincerely thank him on behalf of the Board and the Group for his substantial contribution to MSIG,” Mr Wilson said.

     

  • MSIG Insurance Continues its Digital Transformation with a Social Purpose in Singapore

    MSIG Insurance Continues its Digital Transformation with a Social Purpose in Singapore

    With its recent launch of the MSIG SpeeDi app in Thailand, MSIG Insurance continues its digital transformation in the region with the introduction of a unique telematics device for its motor customers. With the aim of encouraging safer driving in Singapore, the device tracks driver behaviour and provides feedback after each trip via a mobile app.

    Supporting traffic safety solutions in Singapore since 2007

    MSIG Insurance, in collaboration with its non-profit organisation Mitsui Sumitomo Insurance Welfare Foundation, has been offering research grants in Singapore over the last 10 years to encourage researchers to come up with novel solutions to tackle road safety issues. Some of the research that the foundation has supported in the past years include a study to design and create prototypes that improve traffic safety among secondary school students (2008), understanding an elderly driver’s perspective to determine if age affects their driving abilities (2012), and more recently, to analyse cyclists’ behaviour on roads and footpaths (2016). 

    “It is our mission to help secure a sustainable future for the community at large. Traffic safety is an important topic in Singapore where there is increasing usage of roads, by both pedestrians as well as vehicle owners. We wish to play our part in raising awareness of this issue and to also positively impact driver behaviour through the use of technology,” said Mr Alan Wilson, Regional CEO, MSIG Holdings (Asia) Pte Ltd.

     Promoting safer drivers

    The introduction of MSIG’s telematics device will contribute to this social purpose. The device aims to influence driver behaviour to create safer drivers, which will in turn lead to safer roads. A pilot study conducted with over 100 drivers in March 2016 showed that 85% of drivers agreed that the device had encouraged them to be safer drivers. The app will provide drivers with feedback on their driving behaviour once each journey ends, and an overall driving score will be assessed based on these factors: distance, speed and driving style such as cornering, acceleration and braking. Four scoring bands will indicate the driving score, with Green indicating the best (or safest), followed by Yellow, Orange, and Red.

    Introducing MSIG UMax

    The encouraging results from the pilot study has led to the introduction of a new product – MSIG UMax motor insurance, a ‘Pay How You Drive’ model that rewards the customer based on driving performance. Customers who sign up for MSIG UMax will have the device professionally installed without extra costs and are able to access their driving data through the free smartphone app – MSIG Connected Car.

    “We are delighted to be introducing more options to the market. As consumers become more connected than ever, ‘Pay How You Drive’ is a more intuitive model for drivers. It is also a customised system and encourages our customers to drive more safely as they get direct feedback from the app,” said Mr Michael Gourlay, CEO, MSIG Singapore.

    Locate your vehicle in Singapore and Malaysia

    Drivers with the device will also be able to use the mobile app to locate their vehicle in Singapore. A value-added option will allow the vehicle location service to be enabled in West Malaysia.

    Enjoy savings as a proven safe driver

    In the first year, the premium will still be based on the existing pricing method using a combination of factors such as the vehicle make and model, driver’s profile and claims history. Driving data will be assessed 60 days from the policy commencement date.

    In the unfortunate event of an accident, drivers can bring down their own damage excess by 50% if they have achieved a driving score within the Yellow band in a 30-day period before the accident, or even a complete waiver of the excess if their score is within the Green band.  This excess adjustment is unique to MSIG UMax’s model.

    “With the excess adjustment, drivers can literally reduce their excess to zero if they maintain an excellent driving score,” said Mr Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore.