Plug and Play’s corporate partner, MSIG, joined forces with Plug and Play’s Insurtech batch startup, CoverGo, to develop a new end-to-end Medical Insurance Management System. The new system enables more efficient policy administration and claims management, and can be seamlessly integrated into MSIG’s other existing systems using CoverGo's modular and no-code technology.
About MSIG
MSIG, Asia's leading general insurance brand, is a wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited and a member of the MS&AD Insurance Group which has a global network across 50 countries and regions. The Group is one of the top non-life insurance groups in the world with A+ Stable credit rating, having over 40,000 employees world-wide. In Asia, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan.
About CoverGo
CoverGo is the insurance industry’s first fully configurable, modular and no-code insurance platform, powered by 500+ insurance APIs. CoverGo helps insurance companies build and launch products within days, develop omni-channel distribution networks and improve policy, admin and claims without a single line of code.
The Partnership
MSIG is a corporate partner in Plug and Play APAC’s Insurtech program. CoverGo pitched at Plug and Play APAC’s Insurtech Selection Day, which showcases a selection of top-tier startups curated based on corporate partners’ focus areas. CoverGo showcased a strong solution which suited MSIG’s needs, capturing MSIG’s interest in exploring a potential POC partnership. CoverGo was selected into the Insurtech accelerator program, and an introduction between MSIG and CoverGo was facilitated by Plug and Play APAC. A partnership was secured between MSIG Hong Kong and CoverGo as their respective CEOs had been connected previously, which accelerated conversations.
One of MSIG’s focus areas for the Insurtech accelerator program was to look for a solution that could replace their existing Group Medical Insurance Management System. MSIG was looking for a full end-to-end system which could automate processes and workflows, in order for a smoother claims management process. CoverGo was a great fit as they were able to offer a solution with an intuitive user interface and a unique, modular no-code insurance technology. This allowed for a seamless integration of the solution into MSIG’s systems.
Through this strategic partnership, MSIG revamped their Group Medical Insurance Management System with an entirely digitized system, as well as with a brand new user-friendly interface. This reduced the manual processing of claims filing. Through automation, customers could submit e-claims online, greatly improving the overall customer experience. Moving forward, MSIG is also planning to build more of CoverGo’s portals and functionalities into their platform, in order to potentially develop individual Medical Product Lines.
Key Takeaways
Close coordination with different stakeholders is key to a successful collaboration between startups and corporations
MSIG and CoverGo were transparent in their alignment of expectations, which contributed towards the successful POC, and in working towards a commercial agreement.
CoverGo took a phased approach in developing the platform for MSIG, enabling them to align with MSIG regularly on their progress and to gather MSIG’s input on their product. MSIG also provided comprehensive information to CoverGo on their current system and explained their needs in terms of products, structure and workflow. This enabled MSIG and CoverGo to develop a good working partnership, by building trust between CoverGo and MSIG’s various stakeholders.
CoverGo’s phased approach also meant that they had an adaptable development framework and timeline. This enabled CoverGo to adapt their solution to MSIG’s needs, and this also enabled MSIG to de-risk the overhaul of their Medical Insurance Management System.
How Plug and Play Can Help
Plug and Play is the ultimate innovation platform, bringing together the best startups and the world’s largest corporations. Collaborating with startups is a great source of inspiration and innovation, but it can also be a challenge at times. Let us show you how to adopt the concept of open innovation to help your business succeed.
MSIG is one of our Corporate Partners from our Insurtech program, which enables the world's largest insurers to work with our startups.
CoverGo is one of our startups from our Plug and Play Insurtech Accelerator, which seeks to provide startups with business development opportunities with leading insurers in the region.
Find out more about our Insurtech program here.
Find out more about our Corporations here.
