IC issues license to Singlife

Published February 25, 2020, 12:00 AM

by manilabulletin_admin

By CHINO S. LEYCO

The Insurance Commission has issued fintech insurer Singapore Life (Philippines), Inc. a license to operate in the country as the company plans for a commercial launch later this year.

In a statement, Insurance Commissioner Dennis B. Funa said that they welcome the entry of Singlife Philippines in the local market, noting the firm’s ₱1.2 billion investment program to improve the insurance business in the country.

“Singlife PH invested a total of ₱1.2 billion which shows that positive economic trends under the Duterte administration have deepened investor’s confidence in the Philippine economy,” Funa said.

Singlife Philippines is a joint venture company between Singapore Life Private Ltd. and local partners Di-Firm and Aboitiz Equity Ventures.

According to Funa, Singlife Philippines plans to “pioneer” as a fully digital insurance service provider in the country and encourage existing local insurers to adopt technological advancements.

“Singlife PH’s philosophy – of making insurance customer-centric and efficient through technology – is a game changer for the evolving needs of a digital, progressive middle class who expect to be served real time and in a fair manner,” Funa said.

According to IC, the life insurance market has shown significant growth over the past five years with total premium income growing nine percent per annum and sales of new policies growing at approximately 15 percent per year.

 
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