Singlife Philippines to roll out initial products in April
DIGITAL-ONLY life insurance firm Singlife Philippines is targeting to launch its initial products by April and capture half a million clients in the next five years, after the Insurance Commission (IC) approved its license to operate on Monday.
Singapore Life Philippines CEO Rien Hermans said the firm’s license was approved on Monday after it submitted its requirements in December and they were audited last month. He said the firm, which mainly uses digital front-end and cloud-based systems, will launch in the second half its “direct-to-customer proposition.” READ MORE
- This company is to be reckon with moving forward
- They have number of things going on in Singapore & the Philippines
- This company is not just another investment but a great one with big Vision and Business Model in place
- Dividends alone is enough for your stocks to growth exponentially
- Singlife and Aboitiz partner to disrupt Philippine life insurance market” Aboitiz Group listed firm Aboitiz Equity Ventures Inc. (AEV) and Singapore Life Private Limited (Singlife) have partnered to establish a new digital life insurance company in the country. The joint venture, Singlife Philippines, majority of which is owned by Singlife (65%) with partners Di-Firm (20%), and AEV (15%), is set to make insurance and financial products more accessible to Filipinos nationwide. With Singlife’s unique fintech expertise in digitalizing life insurance offers and with AEV’s strategic position across industries in the local market, Singlife Philippines is poised to claim its share in the local life insurance market. According to the Philippine Insurance Commission, the life insurance market has shown significant growth over the past five years with total premium income growing 9% per annum and sales of new policies growing at approximately 15% per year. However, the penetration of individual life insurance is still low at around 6% of the insurable market. This is expected to increase to 12-18% in the medium-term, fueled by an emerging segment of people purchasing policies for the first time. A substantial part of this segment consists of people between 25 to 50 years old, with net income between PHP 25-50K per month and a preference for online and mobile services. For this new generation of mobile-first consumers already booking rides and purchasing everyday goods online, Singlife Philippines believes it can also fulfill their financial planning needs through a mobile app.
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