Singapore - April 1, 2024: Etiqa Insurance Singapore and Anycover, a Singapore-based insurtech, have announced a partnership that will see the two companies provide embedded Accidental Damage and Extended Warranty protection across Southeast Asia, including Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Hong Kong, Australia and South Korea.

This strategic partnership aims to bring together each firm’s strengths to offer insurtech solutions enabling small and medium-sized online merchants to seamlessly add insurance and product protection offerings to their customer journeys.

The goal is to make it easier for shoppers to buy product protection at the point of sale for a range of product categories, including consumer electronics, electronic gadgets, household appliances, indoor furniture, optics, and sports equipment.

The collaboration between the two companies takes place at a time when e-commerce in Southeast Asia is projected to reach US$280 billion in gross merchandise value by 2027, according to Meta and Bain & Company, while insurance penetration remains low at less than 2%, according to Swiss Re.

Embedded product protection is a largely underpenetrated market in Southeast Asia and there is significant opportunity to meet the demand, particularly as High Value Users (HVUs), which are defined as the top 30% of online spenders, are increasingly looking for assured product quality when making online purchases.

As an insurer with presence in multiple Southeast Asian markets, Etiqa Insurance Singapore will bring its extensive regional presence and solid underwriting capabilities to the partnership, as well as its longstanding experience in digital insurance distribution.

Our partnership with Anycover in equipping online merchants across Southeast Asia provides much needed product insurance protection for their customers. Our pilot partnership in Singapore, which started in 2022 was a success and we look forward to further expanding our collaboration. We remain committed to ensuring insurance remains accessible and convenient, while shaping a digital future where protection meets innovation at every point of sale.

Raymond Ong, CEO of Etiqa Insurance Singapore

At the same time, Anycover’s technology solutions, which include plug-and-play integrations with all major e-commerce platforms and a digital claims chatbot for consumers, will complement Etiqa Insurance Singapore’s strengths to transform product protection products into digital experiences.

Etiqa and Anycover share the mission to deliver best-in-class digital insurance experiences for customers and help close the protection gap in the region. Etiqa has been a reliable partner for us from day one when we started to pilot our solution in Singapore and we can’t wait to unlock the opportunities of this extended partnership.

Bharadwaj Ogirala, Co-Founder of Anycover

About Etiqa Insurance Pte. Ltd.

Protecting customers since 1961, Etiqa Insurance Pte Ltd is a licensed life and general insurance company regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance and family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa Insurance Singapore is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.