Mitsui Sumitomo Insurance ties up with Singapore's Trusty Cars
SINGAPORE, NNA - Japanese nonlife insurer Mitsui Sumitomo Insurance Co. has tied up with Singapore-based online used car marketplace provider Trusty Cars Pte. Ltd., known as Carro, to develop automotive insurance products in Southeast Asia.
Mitsui Sumitomo and Trusty Cars will also pursue the integrated sales of automotive insurance and finance products in member countries of the Association of Southeast Asian Nations, the insurer's parent, MS&AD Insurance Group Holdings Inc., said Friday in a statement.
They will also explore a possible link between Carro's repair shop network and Mitsui Sumitomo's claims payment process, the statement said.
Trusty Cars, a startup founded in 2015, provides financing, insurance, car rental and subscription, repair and road assistance services in addition to online pre-owned car trading, according to the statement. Its sales totaled S$117 million (US$88 million), selling about 30,000 cars, in 2019.
Its features and strengths include swift loan screening, purchase and insurance arrangements. Customers can purchase and receive vehicles on the same day with an electronic signature, the statement said. (NNA/Kyodo)