MOBILE WALLET firm GCash and digital insurance company Singapore Life (Singlife) Philippines have teamed up to launch an online marketplace to sell life insurance products.
In a press release on Monday, Globe Telecom, Inc.’s GCash said it partnered with Singlife Philippines so users can buy life insurance products through its electronic wallet (e-wallet) platform.
The insurance products will add to the current lineup of the GCash services such as savings, on-demand credit and investments.
“After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being,” GCash President and Chief Executive Officer Martha Sazon was quoted as saying.
Singlife Philippines secured its license from the Insurance Commission in February to become the first fully digital life insurance company in the country.
“Partnering with GCash, the biggest e-wallet platform in the Philippines, makes perfect sense as our goals are aligned. We offer simple and flexible products at affordable prices to a large base of customers,” Singlife Philippines CEO Rien Hermans said in the same statement.
Mr. Hermans had said they were eyeing to launch their initial products by April but pushed this back due to the coronavirus pandemic.
“We believe that everyone should have access to financial products that support them to manage their financial lives efficiently. By using digital technology, we can simplify products, make them affordable for a larger market, and design them to be customer centric. Our products adjust to your needs and give you the best value for your money,” Mr. Hermans said.
Officials from Singlife Philippines did not respond when asked for more details on the partnership.
GCash said the recent tie-up will be “one of many partnerships” the e-wallet company will make as it “continues to work with local industry leaders to offer the best insurance options to the people in the market.” — Beatrice M. Laforga