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Singlife Philippines’ technology-first approach to life insurance

Digital is a market force driving massive changes in consumer expectations across industries, urging companies to evolve and respond if not to get left behind. The same applies to financial services, where more and more customers are getting accustomed to digital channels. They have set a higher standard for how companies should engage with them, influenced by their demand for new levels of access and mobility. To secure a strong, stable footing in the years to come, life insurers need to reassess their business model, embrace the shift to digital, and execute fast.

Some, however, are not here to play the digital transformation game. Already in existence are life insurance companies that are digital to the core, like Singlife Philippines.

Singlife Philippines is a mobile-first life insurer with financial and technological backing from its headquarters in Singapore, the center of progress in the region. It is well-positioned to meet the protection needs of people who understand the value of insurance, but have no access to it, or feel that products made available to them are complicated and expensive. This conflict in the market is what Singlife Philippines is determined to resolve, leveraging on smart technologies to provide customers solutions that fit their budget, needs, and are always on hand.

Singlife Philippines received its license to operate in February 2020 and within the same year launched Cash for Dengue Costs with FREE COVID-19 cover—the first of its kind in the market. Available via GInsure on the GCash app, it sells for as low as PHP700 per year with a coverage of up to PHP421,500. What makes this protection unique is that it goes beyond digitization of the purchase process, which is what most life insurers are focused on. Customers can not only buy, but also manage their policy, file claims along with supporting documents, and secure payouts online and real time.

More recently, Singlife Philippines launched Cash for Income Loss (Accidents) which will soon be followed by Cash for Income Loss (Any Cause) and Cash for Medical Costs. Also slated for release in H2 2021 is its direct to customer initiative which will ultimately put people in control of how they save and get protected.

For more information, visit www.singlife.com.ph

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