The double victory recognises MSIG Singapore's unwavering commitment to delivering strong business performance through robust underwriting and customer-focused innovation. In 2024, the company achieved an underwriting profit of $18.7 million and boosted its profit after tax by 51%.
Organised by Re(in) Asia, the awards celebrate companies that are redefining excellence and innovation across Asia's insurance industry.
On the product front, MSIG continues to lead through innovative retail offerings to drive growth in its personal lines segment, which now contributes nearly 40% of its total revenue. Foresight in underwriting the electric vehicle space, strategic partnerships in niche segments such as international private medical insurance, and a holistic risk management approach further solidify its market leadership.
Reflecting on the achievement, Steven Leong, Head of Retail Distribution said: "Winning the award is a powerful endorsement to our personal lines strategy. It affirms our commitment to putting customers at the heart of everything we do and spurs us to keep innovating and protecting what matters to our customers as the trusted insurer of choice in Singapore."
Jeremy Lian, Head of Technical Services added: "This is a proud moment for our underwriting team whose technical expertise, dedication and innovative mindset have contributed to the company's success. We remain committed to advancing our capabilities and leveraging technology to deliver sustainable value for our customers and stakeholders."
At the core of MSIG's operations lies a bold digital transformation strategy. MSIG has deployed Generative AI and automation technologies to streamline its insurance value chain from customer service to underwriting, policy issuance and claims processing to drive greater efficiencies and to better serve customers.
The judges commended MSIG for its data-rich submission in demonstrating tangible customer benefits and measurable impact. The panel also highlighted MSIG's underwriting strategy, noting its integration of insight-driven solutions and advanced technologies to significantly enhance operational efficiency.
Distinguished professionals from the insurance, advisory, actuarial, consulting and media sectors brought deep industry expertise and diverse perspectives to the evaluation process. The full case studies for the winning entries are available here.
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About MSIG Insurance
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.
MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. In 2024, MSIG was honoured with the 'Best General Insurer for Singapore' award by InsuranceAsia News. This prestigious recognition highlights its unwavering commitment to excellence and customer satisfaction.
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
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