The Philippine Star
October 30, 2022 | 12:00am
MANILA, Philippines — Leading international non-public fairness agency Warburg Pincus is investing $350 million to set up Oona Insurance, a brand new digital insurance platform in Southeast Asia seeded with two latest vital acquisitions in Indonesia and the Philippines.
In partnership with seasoned insurance govt Abhishek Bhatia, Oona goals to turn into the pre-eminent digital normal insurance platform in Southeast Asia by way of a buy-and-build technique.
The platform is seeded with two vital acquisitions – PT Asuransi Bina Dana Arta Tbk (ABDA) in Indonesia and Mapfre Insular Insurance Corp. (MIIC) within the Philippines, each of which have a long-standing monitor report and status of their respective markets for offering high quality merchandise and superior customer support.
These belongings carry Oona an preliminary product portfolio, sturdy distribution relationships, a sturdy infrastructure, and a right away foothold within the area upon which to construct its business. The corporations can be rebranded as Oona sooner or later.
Operating in a big and fast-growing sector, Oona plans to deploy a singular worth creation technique to scale up into Southeast Asia’s main digital normal insurance platform with operations throughout a number of main markets within the area.
With the acquisition of ABDA and MIIC, Oona carries a variety of merchandise, together with motor, property, and group well being insurance, that are designed to be fit-for-market and well-suited to satisfy native buyer calls for. In addition, Oona plans to introduce new merchandise akin to journey, well being in addition to merchandise which are rising on the again of accelerating adoption of web, e-commerce, and digital funds.
