Life insurance at your fingertips

BE in control of your own savings and protection in just a click. / PHOTOGRAPH COURTESY OF SINGLIFE

Expensive premiums and intimidating life insurance agents often discourage Filipinos to avail themselves of insurance plans. As a result, when the unprecedented Covid-19 crisis hit the country, only a few had access to cash from insurance plans.

Despite efforts of insurance companies to gain more clients, the middle-income market composed of workers whose salaries are spent on daily needs and bills has not been tapped.

In response, Singapore-based life insurer Singlife entered the Philippine insurance industry in 2020 through

mobile-based services. Using convenient e-wallets, payment gateways and other financial apps, life insurance was now at one’s fingertips.

Through the GInsure feature in GCash app, Filipinos can manage their insurance policies without any fuss.

During Singlife’s 2021 roadmapping, CEO Rien Hermans said that the firm’s goal is to give “the right coverage with a premium that fits their project.”

Hermans pointed out that the best way to link individuals to relevant insurance plans is give them the power to control it through their mobile phones.

“We built a microservices portal that houses all our protection products and can be integrated in the frontend of any digital platform for easier and faster implementation,” Hermans said.

Singlife’s entry product in 2020 is Cash for Dengue, which includes free Covid-19 coverage. It was followed by Cash for Income Loss for general situations and accidents.

This year, Singlife is set to complete its suite of protection products with Cash for Medical Costs and Cash for Later.

These products will be available in the GInsure feature but Singlife is on constant lookout for other digital partners. It is also gearing up to set up its own Singlife Plan and Protect app that lets you be in control of your savings and protection just by using your mobile phones.

“We believe that finances are too important to be placed in the hands of someone else. It is only by giving control back to the customers can we truly unlock the potential of money for everyone,” Hermans concluded.

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Credit belongs to : www.tribune.net.ph

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