Mobile-first life insurer Singlife Philippines and mobile wallet GCash officially announced last Friday, September 4, that Singlife’s protection products will soon be made available through the GCash Insurance Marketplace platform.
Singlife Philippines received its license to operate last February 17 from the Insurance Commission. Its first offering — the “Cash for Dengue” product — was initially planned for an April release and is said to be the first of its kind in the market. It features customizable coverage levels and payment schemes, as well as an option to cover immediate family members under a single plan.
Even with the insurer’s announcement last January to formally introduce its alliance with Aboitiz Equity Ventures Inc. (AEV) and Di-Firm, Singlife’s commercial launch has always been set for mobile wallet presence and digital technology integration. GCash president and CEO Martha Sazon said the timing for the partnership was crucial in providing Filipinos with life insurance products in the current environment.
“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,” Sazon added.
Singlife said it is zeroing in on three major challenges that non-insured Filipinos face — limited access, complex products, and high premiums. To address these, the company promises to offer basic protection that enables ease of payment, manageability, and maintenance.
“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,” said Singlife Philippines president and CEO Rien Hermans.
The entire application process is advertised to only take around five minutes. Through the GCash app, customers will be able to directly pay for policies, view and manage status, avail the products, and file their claims. The offering is still on a gradual rollout and will be fully available for all verified GCash account holders later this year, along with the entire roster of Singlife’s protection products.