Home Credit & MSIG announce strategic partnership to expand insurance offering and support financial inclusion in Southeast Asia

Agreement will see MSIG leveraging Home Credit’s significant regional distribution network to better serve insurance customers across three markets

Home Credit B.V. (“Home Credit”), the international consumer finance provider in Europe and Asia, and MSIG, one of Asia’s leading general insurance provider, today announce a tri-market strategic insurance partnership with the objective of making insurance solutions simpler and more accessible for retail consumers, a fast growing insurance segment in Vietnam, the Philippines and Indonesia.

By partnering in retail distribution and product development respectively, Home Credit and MSIG are aiming to increase the current low levels of retail insurance penetration in three major Southeast Asia (SEA) markets where demand for retail insurance services is growing rapidly.

Frederic Tardy, Chief Customer and Strategy Officer at Home Credit said: “Home Credit’s mission is to provide access to financial services for underserved consumers, and our partnership with MSIG will reinforce our customer offering. It will also help to address the significant protection gap in insurance coverage for SEA. Home Credit’s enormous online and offline regional distribution network offers a powerful platform to deliver enhanced insurance protection to consumers in one of the world’s fastest growing regions.”

Clemens Philippi, Chief Operating Officer, MSIG Asia, adds: “We are excited about the partnership with Home Credit, which will help to deliver simple and relevant solutions to SEA’s growing population amidst a changing risk landscape. From emerging risks relating to Covid-19 and cyber, to traditional risks such as floods and typhoons which have drastically heightened under the influence of climate change, we want to be there for our customers as part our mission to support the development of a vibrant society.”

MSIG’s home content protection insurance plans are now available to many Home Credit customers across SEA, with pilot schemes and ongoing discussions underway to broaden the offering to other forms of insurance in the future. SEA is Home Credit’s strategic region for expanding insurance penetration, based on the high-levels of need it has observed among consumers.

With its significant depth of market knowledge in the region, MSIG will tailor its insurance solutions focusing on the needs of low to middle-income consumers for each market in this region.

The partnership complements Home Credit’s collaboration with multiple retail and e-commerce partners across the region. Home Credit underwrites an average of over half a million loans for smart phones alone, per quarter in SEA, which will now be offered with optional device insurance plans.

Home Credit will distribute these insurance plans across its country online marketplace e-commerce sites, mobile apps, and 42,000 point of sale locations covering every province and city in those markets. The insurance plans will be marketed alongside Home Credit’s existing protection offering.

The partnership will also serve as a blueprint for future collaborations between the two companies as they seek to support greater financial inclusion in SEA and beyond. The financial terms of the partnership have not been disclosed.

About Home Credit B.V.

Founded in 1997, Home Credit is a global consumer finance provider with operations in nine countries of Central and Eastern Europe, the Commonwealth of Independent States and Southeast Asia, as well as India and China. The company headquartered in Prague, Czech Republic, offers non-collateralised, purpose-driven loans, cash loans and revolving lending products both online and in partnering retail shops. It drives and broadens financial inclusion for unbanked populations and encourages economic development through supporting domestic consumption.

More information about HCGBV is available at https://www.homecredit.net/

About Home Credit Viet Nam

Home Credit Vietnam Finance Company Limited has been operating in Vietnam since 2008, providing leading consumer financial products in Vietnam with outstanding advantages: fast, simple, and friendly. Home Credit currently has a head office in Ho Chi Minh City, a branch in Hanoi, 8 representative offices and, more than 9,000 service points in 63 provinces and cities nationwide. Home Credit is now one of the leading companies in the consumer finance industry in Vietnam. Nearly 6,000 Home Credit employees serve more than 12 million customers with three main products: motorbike, home appliances – electronics, and cash installment loans. Besides that, to fulfill consumer’s expectations, Home Credit is continually creating and expanding products, such as a new service that allows customers to pay for education, medical, and credit card expenditures.

More information about HCVN is available at www.homecredit.vn