Singlife Philippines, a majority-owned subsidiary of Singapore-based insurer Singlife, is making an impressive entry into the local insurance market through a partnership with GCash. This team-up will not just expand Singlife PH’s presence in the country but also bring simple and flexible insurance products at distinctly affordable prices.
The Singlife PH-GCash partnership will also bring more innovative customer experience and a vast array of personal finance products into the app. “This partnership comes at a crucial time when health and financial security are a priority,” GCash President and CEO Martha Sazon said. “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.”
The first joint product between the two brands was launched on September 4, 2020. Cash for Dengue Costs is a comprehensive yet affordable protection product that provides a multi-level benefit against medical costs due to mild to severe cases of dengue. The first-of-its-kind product in the market is designed to be highly flexible with customizable coverage levels, payment terms, and the option to cover an individual or the whole family.
Cash for Dengue Costs
As an introductory offer, Singlife is extending the coverage by adding a free Covid-19 rider—to provide customers with protection from both the ongoing pandemic and seasonal worries that they should watch out for themselves and their families.
As a customer-centric and user-friendly product, Cash for Dengue Costs comes with a quick application process that can be completed in as fast as 5 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 in real-time,” said Sazon.
Singlife’s Cash for Dengue Costs will be initially available to a limited group of GCash users this month (September). It is set to be available to all verified GCash users through the GCash Insurance Marketplace later this year along with some other Singlife protection products.
Singlife’s entry into local market
Prior to its entry into the local market, Singlife PH assessed the current insurance landscape and highlighted interesting findings. It identified several impediments that commonly prevent Filipinos from getting insured. Those are: limited access, complex products, and high premiums.
The company also noted that though life insurance has been present in the country for more than a century now, just about 5% to 6% of the insurable population own at least one policy. Based on market research, another 15% to 20% of Filipinos are attracted to the value of life insurance. However, many people feel intimidated to approach financial advisors, while those who have purchased often find the overall value and customer service to be lacking. These often lead to discontinuation of contributions and waiving of benefits.
To address such concerns, Singlife is leveraging on 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,” said Singlife PH President and CEO Rien Hermans. “We do not have anything to hide and that makes it possible to be transparent and clear. Singlife empowers you to be in control.”
Hermans disclosed that through its partnership with GCash, it is set to release a full suite of products to over 30 million users of the app in the coming months. The goal, he said, is to cover more Filipinos with no-fuss protection, and help them “better control of their financial lives in an easy, quick, and affordable manner.”