Lexasure Financial Group, a leading Southeast & South Asia group providing reinsurance and digital insurance solutions, has partnered with Qornerstone Inc., to collaborate in the creation and provision of new and existing insurance and risk mitigation products for the real estate, property and facilities management sector in Singapore and Malaysia.
According to the terms of the agreement, Qornerstone, in conjunction with Lexasure and other designated parties, will analyse its customer ecosystem’s potential. This includes enterprise, commercial, and residential clients, as well as allocate technical resources that enable insurance and financial products to be embedded within its solutions.
Ernest Ong, Chief Executive Officer of Qornerstone, commented: “The collaboration with Lexasure is a unique opportunity to innovate and drive the digital transformation of the proptech and insurtech sectors forward.
“The result of our combined competencies will aim to enhance the experience of 100,000 platform users comprised of condominium owners, tenants, property managers, technicians, service providers, etc. to advance the way insurance is bought and sold through digital channels.”
In addition, under the proposed partnership, Lexasure will play a significant role in identifying commercial areas of focus, and provide capacity and/or underwrite new products and services arising from the partnership.
For residents, examples of insurance products include home contents, home helper, security deposit & tenant insurance, and automotive.
At the same time, for managers/or owners of real estate properties, examples include indemnification for management council members, errors & omission, and public liability insurance.
“Our partnership with Qornerstone intends to create new digital channels that drive integrated solutions for the urban and property sector. By embedding insurance and risk management into the platform used for leasing, property management, and maintenance, we will be able to offer products that protect tangible real estate and reward sustainability,” added Ian Lim, Chief Executive Officer of Lexasure.
“In doing so, our firms are well poised to ride the growth opportunities arising from the rapid urbanization of Asia.”
The creation of the proposed strategic partnership is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval.
