Mobile-first life insurer Singlife Philippines has teamed up with mobile wallet GCash to pitch to the mass market “fuss-free” life protection plans for just the same price as a “cheap haircut.”
“What makes Singlife’s products different is that they are designed to be meaningful: Offering basic protection that is easy to purchase, easy to manage and easy to maintain. We do not have anything to hide and that makes it possible to be transparent and clear,” said Singlife Philippines president and chief executive Rien Hermans.
“This partnership comes at a crucial time when health and financial security are a priority. Leveraging Singlife’s technology and offerings, we have an opportunity to provide more Filipinos with meaningful life insurance products that can effectively protect them and secure their financial well-being,” said GCash president and CEO Martha Sazon.
Singlife and GCash share the goal of simplifying insurance and reaching out to people who do not have bank accounts and have no access to other financial services, Sazon said during the launch of the partnership on Friday.
“You don’t have to invest a lot of money to it. Just a few taps and you’re ready to go. What’s more, it’s affordable—like around the same price of a cheap haircut per month,” she said.
Singlife and GCash’s first joint offering is “Cash for Dengue Costs,” a comprehensive protection product that provides a multi-level benefit against medical costs due to mild to severe cases of dengue – a first of its kind in the market. As an introductory offer, Singlife will extend the cover by adding a free coronavirus (COVID-19) rider – providing customers protection from both the ongoing pandemic and seasonal worries.
Hermans noted that there were currently five million life insurance policies in the Philippines held by 3.5 million households. However, he noted that there were 27 million households in need of protection, which meant that while insurance has been available in this market for more than 100 years, the penetration was still quite low. —Doris Dumlao-Abadilla INQ