Lexasure Financial Group has teamed up with Singapore-based My Car Consultant (MCC) to jointly deliver data-powered, self-insured car insurance.
MCC focuses on providing comprehensive automotive solutions for its clients.
Under the deal, Lexasure will help MCC in delivering its clients a variety of captive vehicle insurance policies as part of the all-in-one solution that the business offers to motorists in the South-East Asia region.
MCC managing director Jeremy Yeo San said: “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.
“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.
Lexasure will also analyse ways to utilise its network to manage captive insurance for MCC in Singapore and Cambodia as part of the collaboration.
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The proposed strategic deal will be executed subject to necessary closing conditions and regulatory approvals.
Lexasure’s solutions, including reinsurance-as-a-service (RaaS), aid customers in managing risk and boosting growth.
The group currently serves more than 60 primary insurers in 22 countries in the Asian and North American regions.
Last month, Lexasure launched a cloud-powered business-to-business-to-consumer (B2B2C) platform to aid insurance firms in enhancing competitiveness, expansion and profitability.