Serenity Health Partners announced on Thursday (5 September) that it is launching its operations in Singapore in partnership with MSIG Asia, with plans for regional expansion.
Founded by industry veterans Jonathan James and Derek Goldberg, the health insurance solutions provider will be fully operational in Singapore by 1 October and plans to expand into Indonesia and Vietnam in 2025.
In a media release, MSIG, part of Japan’s Mitsui Sumitomo Insurance Group, said it has invested as a major shareholder, in line with its long-term strategy for growth in Asia.
The businesses said they aim to “redefine the health insurance landscape by bridging the gap between local health insurance products and International Private Medical Insurance” through a blend of cost-effective but comprehensive regional health insurance solutions.
MSIG Singapore said that, pending regulatory approvals, it will appoint Serenity as its managing general agent (MGA) for a targeted segment of the health business in Singapore within the coming year.
Serenity also revealed that it plans to use insurtech in its services to improve online app usage, policy management, onboarding, and claims data analytics.
“We are excited to join forces with Serenity,” says Clemens Philippi, CEO of MSIG Asia. “This partnership aligns with our mission to offer innovative and accessible insurance solutions, bridging gaps in coverage and delivering exceptional value to our clients.”
Echoing the sentiment, James, Co-founder of Serenity, said, “Our shared vision of providing comprehensive yet affordable coverage will make a meaningful difference in the lives of our customers.”
This initiative comes at a time with markets in Asia set for growth, driven by increasing health awareness and a growing middle class.
Regionally, Singapore shows a rising demand for flexible insurance plans, Indonesia’s market is being supported by growing medical tourism, while Vietnam’s growth is driven by rising medical costs, ongoing healthcare reforms, and increased health awareness.
Serenity said it is committed to helping its clients through three core principles: making insurance accessible, transparency and accountability, and integrity and professional responsibility.
Co-founder Goldberg said, “Our goal when defining the new RPMI segment is to seamlessly bridge the divide between local and international insurance solutions, creating a model that truly meets the diverse needs of the Asian market.”
“By integrating deep local expertise with regional scale and advanced intuitive technology, we are setting a new standard for private medical insurance in the region,” he concluded.
