Lexasure Financial Group Limited (“Lexasure” or the “Company”), providing reinsurance, insurance, and insurtech solutions in South and Southeast Asia, and My Car Consultant Pte. Ltd. (“MCC”), a Singaporean company that provides all-in-one automotive solutions for its customers, have announced a memorandum of understanding to collaborate to offer data-driven, self-insured car insurance.
Under the terms of the agreement, Lexasure will assist My Car Consultant in providing a range of captive car insurance policies to its customers as part of the all-in-one automotive solution that the company offers to motorists in Southeast Asia.
“We are excited by the potential of this partnership to offer a range of insurance options to our current and future customers, including usage-based insurance (UBI), on-demand insurance, and extended warranty products,” said Jeremy Yeo E San, Managing Director for MCC. “These products are a natural fit with our portfolio of services that include accident services, maintenance and repair, and fleet management, given that we can monitor and self-perform required work at a high level of efficiency. By adopting the captive insurance model, we expect to create additional value for our clients and realize significant cost savings.”
Under the proposed strategic partnership, Lexasure will explore leveraging its network to administer captive insurance for MCC in Singapore and Cambodia.
“We look forward to working with MCC to launch this innovative insurance offering and accelerate the development of our automotive insurance expertise through data generated with our affiliate’s telematics technology and real-time analytics platform. Information gleaned from implementing a telematics program, including usage-based insurance coverage that adjusts rates based on individual driving habits, could improve MCC’s captive underwriting capabilities and help to refine other products in our ecosystem, fostering growth,” said Ian Lim, Chief Executive Officer of Lexasure.
The creation of the proposed strategic partnership is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval.