Life insurance has been present in the Philippines for more than a century, but only 5% to 6% of the insurable population own at least one policy. Market research indicates that another 15% to 20% of Filipinos are attracted by the value of life insurance. While some still haven’t purchased a policy as they feel intimidated to speak with sales representatives, others who have purchased found the overall value and customer service lacking. These often lead to discontinuation of contributions – and in most cases, waiving of benefits.
To address these concerns, Singlife uses digital technology to redesign its products and offer fuss-free protection. “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. You can always ensure that our solutions fit your financial needs, and that you are not bound by long-lasting contracts preventing you from optimizing the value of the product. Singlife empowers you to be in control.” said Singlife Philippines President and CEO Rien Hermans.
Expanding its presence from Singapore to the Philippines, Singlife partnered with GCash as it offers simple and flexible products at affordable prices, with a similar goal of unlocking the potential of money for all Filipinos. “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.
Apart from the partnership, Singlife and GCash will launch their first product: Cash for Dengue Costs, a comprehensive yet affordable 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. This product is very flexible with customizable coverage levels, payment terms, and the option to cover an individual or the whole family. As an introductory offer, Singlife will extend the cover by adding a free COVID-19 rider – providing customers protection from both the ongoing pandemic and seasonal worries that they should watch out for themselves and their families. Proving to be customer-centric and user-friendly, the application process for Cash for Dengue Costs only takes less than five minutes. Customers can even pay, view, manage, and file claims on their
Singlife policies directly in the GCash app. “This innovation is indeed made possible by fully utilizing technology and digital processes to ensure that Filipinos have a seamless and paperless experience, allowing policies to be issued and managed real-time,” shared Sazon.
Initially made available to a limited group of GCash users this September, Singlife’s Cash for Dengue Costs will be made available to all verified GCash users via the GCash Insurance Marketplace later this year along with other Singlife protection products.
“Singlife’s vision for this partnership with GCash is making simple yet meaningful health and income protection products available to all Filipinos. This is why we are also preparing to release a full suite of products in the coming months so that the rest of the Philippine population can have no-fuss protection, helping them take better control of their financial lives in an easy, quick, and affordable manner,” concluded Hermans.