Firm offers COVID-19, dengue insurance coverage
Start-up Singapore Life Philippines Inc. (Singlife PH) will finally launch its product lineup—including COVID-19 coverage—this week after months of delay.
Singlife PH president and chief executive Rien Hermans confirmed to the Inquirer last week that their partnership with GCash would be officially launched on Friday, Sept. 4.
Hermans also told the Inquirer that they would introduce Singlife PH’s first products—COVID-19 and dengue insurance.
Singlife PH had initially planned to launch operations as early as end-April but the COVID-19 pandemic forced the insurer to delay its plan.
Last May, Hermans said they had to consider the readiness of their local partner amid the then very strict COVID-19 lockdown imposed in Luzon and other parts of the country with a high number of infections.
Hermans was referring to the joint venture between fintech insurer Singapore Life Private Ltd. and conglomerate Aboitiz Equity Ventures (AEV) to form the local subsidiary, in which Singlife’s partners Di-Firm and AEV owned 20 percent and 15 percent, respectively.
Singlife PH earlier invested P1.2 billion to set up shop in the Philippines, among the first few markets where its parent-firm expanded in Southeast Asia.
Since it is a startup, Singlife PH will offer products and services in the digital space.
Given its digital platform, Singlife PH would not hire agents, “although we do foresee to work together with retail brokers in the future,” Hermans said earlier. —Ben O. de Vera INQ
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