MANILA, Philippines — Entering the market, mobile-first life insurer Singlife Philippines officially launched its partnership with the country’s leading mobile wallet GCash, showcasing an innovative customer experience that will be available on the GCash app.
Life insurance has been present in the Philippines for more than a century, but only five to six percent of the insurable population own at least one policy. Market research indicates that another 15 to 20 percent of Filipinos are attracted by the value of life insurance. While some still haven’t purchased a policy as they feel intimidated to speak with sales representatives, others who have purchased found the overall value and customer service lacking. These often lead to discontinuation of contributions – and in most cases, waiving of benefits.
Singlife identified several hurdles that prevent people from getting insured: limited access, complex products, and high premiums. Limited access to buy through financial advisors lead to doubt if the customer’s needs are indeed prioritized, and whether the financial advice given is best for them. High premiums come with the expectation that payments will be made in five to 20 years’ time to optimize the value of the policy. And in some cases, some policies hardly survive until the end of the payment period and realize the benefits promised at the moment of purchase. These are affirmed when negative experiences are shared among friends and family and affect decision-making, especially for first-time customers.
To address these concerns, Singlife uses digital technology to redesign its products and offer fuss-free protection.