In a testament to how technological innovation can transform traditional underwriting, MSIG Singapore has secured its position as this year’s underwriting excellence leader.
As insurers navigate the delicate balance between risk control and market responsiveness, MSIG Insurance (Singapore) has emerged as a standout performer, clinching the Underwriting Excellence award at the Asia Consumer Insurance Awards 2025.
The insurer’s transformation of its underwriting capabilities has delivered impressive results, with overall underwriting profit jumping from S$15.1m in 2023 to S$18.7m in 2024. Particularly noteworthy was the turnaround in its Health portfolio, which reversed a S$231,000 loss in 2023 to achieve a S$2m underwriting profit in 2024.
Central to this success story is MSIG’s active push toward technological innovation. The implementation of Robotic Process Automation (RPA) for retail product renewals has slashed manual handling by 80%, reducing underwriting
review turnaround times from two weeks to under one week. This efficiency drive has yielded savings of over 14,000 hours annually across motor and retail lines.
The insurer’s integration of AI tools, such as Copilot, into its underwriting workflows shows its commitment to staying ahead of the technology curve.
A case in point is the macro-driven Excel tool developed jointly by underwriting and actuarial teams, which has revolutionised vehicle grouping processes and saved 132 hours annually in motor underwriting alone. The tool has proven valuable in streamlining vehicle manufacturer and model information gathering, addressing a major pain point for motor underwriters.
Market responsiveness has been another key differentiator. The launch of TravelEasy Flex in March 2025, developed through careful customer journey mapping and focus group studies, drove a 50% increase in travel insurance revenue in Q2 2025 compared to the previous quarter.
Building on the momentum, MSIG introduced PawEasy in April 2025, offering comprehensive pet insurance with up to S$20,000 in hospitalisation and surgery cover – one of the highest in the market. The product has seen steady month-onmonth growth in insured pets.
MSIG has also shown foresight in positioning itself for emerging risks. In the electric vehicle (EV) space, the company’s underwriting approach encompasses not only EV-specific coverage but also a progressive rating structure that more
accurately reflects the unique risk profiles of these vehicles.
The insurer has also expanded its market reach through strategic partnerships, collaborating with Serenity Health Partners for International Private Medical Insurance and The RiskPoint Group for renewable energy insurance. Meanwhile, a collaboration with MSIG USA has facilitated entry into the political risk and
trade credit business.
are honoured to be recognised for our relentless focus on delivering value to our customers and stakeholders.”
