SINGAPORE and GEORGETOWN, Cayman Islands, June 12, 2023 /PRNewswire/ — LexasureFinancial Group Limited (“Lexasure” or the “Company”), providing reinsurance, insurance, and insurtech solutions in South and Southeast Asia, and Qornerstone Inc. (“Qornerstone”), a leading proptech company that is revolutionizing the property management industry through its innovative software solutions, today announced a memorandum of understanding for a proposed strategic partnership 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.
Under the terms of the agreement, Qornerstone, in conjunction with Lexasure and other designated parties, will analyze its customer ecosystem’s potential, including enterprise, commercial, and residential clients, and allocate technical resources that enable insurance and financial products to be embedded within its solutions.
Ernest Ong, Chief Executive Officer of Qornerstone, said, “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.”
Under the proposed strategic partnership, Lexasure will help to identify 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. 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,” said 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.
About Lexasure Financial Group
Lexasure Financial Group is a leading Southeast and South Asia group providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in the industries of reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 22 countries in Asia and North America. For more information, go to lexasure.com.
About Qornerstone
Founded in 1999, Qornerstone is a leading proptech company that is revolutionizing the property management industry. With our innovative software solutions, we have become a technology leader in the property and asset management industry, successfully transforming and digitizing operations for over 2,000 properties in Singapore. Our dedicated team is constantly working on cutting-edge solutions to help our clients optimize their operations and achieve their business goals here and abroad. For more information visit www.qornerstone.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s plans to develop and commercialize its new products and services; the Company’s expectations regarding the impact of the ongoing COVID-19 pandemic on its business, the Company’s industry and the economy; the Company’s estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the Company’s ability to establish and maintain collaborations and/or obtain additional funding and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Investor Contact
Crocker Coulson, CEO, AUM Media
+1 (646) 652-7185
crocker.coulson@aummedia.org
