The Insurance Commission (IC) on Monday (Feb. 17) issued to startup insurer Singapore Life Private Ltd. (SInglife) a license to operate in the Philippines, Commissioner Dennis B. Funa told the Inquirer.
The license was issued within two months after Singlife submitted an application with complete documents to the insurance industry regulator last December.
Singlife’s application underwent pre-licensing verification, after which the IC’s licensing division recommended the issuance of a license.
Singlife earlier entered into a joint venture with conglomerate Aboitiz Equity Ventures (AEV) to form the local arm Singlife Philippines, in which its partners Di-Firm own 20 percent and AEV, 15 percent.
Last year, Singlife Philippines chief executive Rien Hermans said that for the company to jumpstart operations and launch products in early 2020, they will invest an initial P1 billion in capital as mandated for new insurers.
Since it was a startup, Singlife will offer products and services in the digital space.
Given its digital platform, Singlife will not hire agents, “although we do foresee to work together with retail brokers in the future,” Hermans had said.
Singlife’s venture into the Philippines formed part of its plan to expand operations across Southeast Asia.