Singapore Life Philippines Inc. (Singlife PH), the country’s newest insurance player, has spent P1.2 billion to set up shop here, the Insurance Commission said Monday.
In a statement, Insurance Commissioner Dennis B. Funa said Singlife PH’s entry “shows that positive economic trends under the Duterte administration have deepened investor’s confidence in the Philippine economy.”
“Considering that Singlife PH aims to be the pioneer as a fully digital insurance service provider in the country, we are expecting that the way they do their business will serve as a catalyst to encourage existing local insurers to adopt technological advancements,” Funa said.
“Technology has underpinned the consistent, continuous growth of the insurance industry in the Philippines. Singlife PH’s philosophy—of making insurance customer-centric and efficient through technology—is a game changer for the evolving needs of a digital, progressive middle class who expect to be served real time and in a fair manner,” Funa added.
The Insurance Commission (IC) issued Singlife PH’s license to operate last Feb. 17.
The IC quoted Singlife PH president and chief executive Rien Hermans as saying that the insurer would “first enter the market through one of its partners in April, by enabling customers of these existing digital ecosystems with fairly priced, easy to understand, and affordable insurance protection products.”
“The company is also busy building a direct-to-customer (D2C) proposition following the design of the Singlife Account—a hybrid, mobile app-based product that combines savings, endowment insurance, and layoff benefits—launched in Singapore last November,” Hermans added.
This app will be released by the second half.
“In line with its tech-first approach, Singlife PH will not hire financial advisers to distribute its products. However, Hermans said they were exploring [the possibility of] working with retail brokers in the future,” the IC said. Fintech insurer Singapore Life Private Ltd. (Singlife) earlier entered into a joint venture with Aboitiz Equity Ventures to form the local subsidiary, in which Di-Firm and AEV own 20 percent and 15 percent, respectively. INQ