MGA Model Evolution in Asia
MGAs in SEA are mainly large firms from other regions or
healthcare providers and there are limited MGA insurtechs
MGA landscape in SEA
Firm
Nexus Group
Enaaling
nexus sof
April
dentities
Asia april
international
DUAL Asia
DUAL
Argenta
ARGENTA
uw appelje voor de dont
NexAssure
NexAssure
Luma Health
lunahealth
Presence
> Europe, NY, HK and
Labuan (Msia)
> CN, HK, Ph, Vn, SG, TH,
Indo + FR, UK, CH, Mex
> HK, Philippines, Vn,
SG, TH
> Sydney, Shanghai
and Singapore
> London, Hong Kong,
KL and Singapore
> Thailand
Inception & size
> Started in 2008
> ~200 employees
> Started in 1988
> ~300 employees 1)
> Started in 2009
>>~51-200 employee
License³)
> Labuan (Msia)
> Agent (HK, SG, TH,
Vn) Broker (EUR)
> GIA agent (SG)
Product focus
> Accident & health, surety,
travel, latent defect, marine
& aviation, financial & trade
> Personal, Group, ST & LT
Int'l health insurance
> IT, professional indemnity
and cyber
> Lloyd's Asia Scheme > Property, cargo, energy
> Direct Non-life
Insurance Broker
marine and war business
> Extended warranty, health,
financial, auto and travel
> Personal, Group and Travel
health insurance
> Cyber, Financial Lines and
Marine
Takeaway
Roland
Berger
MGAs in SEA
are mainly
from other
regions as
local start
ups are
relatively few
&d
There are
also notable
healthcare
providers
turned MGAs
> Started in 2009
> ~11-50 employees
(SG)
> Started in 2011
> ~11-50 employees
> NA
Criterion
> Singapore
> Started in 2012
> ~11-50 employees
> Started in 2018
> GIA agent (SG)
> <50 employees
Henner
Henner
> Europe & Africa,
Florida, HK, SG & KL
> Started in 1992
> 51-200 employees
> NA
FULLERTON
SG, PH, Indo, Msia,
NZ, AUS
> Started in 1992
> 51-200 employees
> NA
> Across China, SG²),
> Started in 1972
Raffles
MedicalGroup
Vn, Cambodia, Japan
> 51-200 employees
Raffles Medical
1) April Int'l Care, 3800 for Group 2) Insurance office is in SG but hospitals and clinics are across Asia (China, SG, Vn, Cambodia and Japan); 3) Selected
Source: Press review, Respective MGAs, Roland Berger
Case study as follows
20200525_MGA model evolution Asia_vf.pptx | 23
> GIA agent (SG)
> Health insurance
Fullerton Health > Across China, HK,
> Health, life and income
protection
> Health insurance
in SEA
(Fullerton
and Raffles
Medical)View entire presentation