More and more Filipinos are looking into future-proofing their lives during such an uncertain time, and the convenience digital platforms extend is challenging the conventional approach of traditional financial institutions including insurance companies. With only 3.5 million out of the 16 million insurable population owning at least one life insurance policy, Singlife Philippines is leveraging on advanced technologies to make life insurance totally mobile-first.
Speaking at the BusinessWorld Insights series on “Fintech for a Financially Inclusive and Resilient Economy”, Singlife Philippines’ Chief Technology Officer Zayd Tolentino talked about how the company is pushing against the mold for people to get protected on their own terms. This came in response to the need of the undervalued middle-class market for protection products that fit their needs, budget, and are always on hand.
A technology-driven approach to life insurance
Singlife Philippines built its foundations on smart technologies, using microservices that break insurance functions into individual business components. Each one performs an independent task and runs in unison with other services to automatically plan for scale, sustainability, and avoid potential failures. These automated efficiencies free up resources that can otherwise be used to add greater value to customers.
“Think of it as putting together LEGO pieces, but instead of following the building instructions, we got creative and assembled an entirely different model to deliver financial solutions that are new and relevant to customers,” said Tolentino in a follow-up interview.
Singlife Philippines’ unique application of financial and insurance technologies gave birth to what the company calls its microservices portal. This microservices portal houses the company’s protection products and can be integrated in the frontend of any digital platform. A co-habitation setup like this allows a seamless user flow between two platforms without having to switch screens. It also grants customers extended access to services commonly not offered by incumbents within the same environment, such as policy management, claims filings, and claims payment.
The microservices portal solves hurdles of partner integration, including limited resources and tech capabilities needed to get things up to speed. Partnerships use less resources and produce faster turnaround time in all stages of product implementation. Customers are rewarded with a seamless, end-to-end digital experience in getting financially protected.
Singlife Philippines’ partnership with GCash was the first realization of this B2B2C model. Customers were offered coverage for COVID-19 and Dengue medical costs worth up to ₱421,500 or for income loss of up to ₱5,700,000 for as low as ₱100 per month. Fully verified users bought policies, filed claims, and secured payouts all via GInsure on the GCash app.
In the coming months, Singlife Philippines will introduce new products and expand its reach through more digital network partners to further bridge the country’s protection gap. For more information, visit www.singlife.com.ph
Re-watch the episode of BusinessWorld Insights series on “Fintech for a Financially Inclusive and Resilient Economy” below.
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