Singlife Philippines targets double-digit growth in policies
SINGLIFE PHILIPPINES, Inc. is targeting high double-digit growth in issued policies next year as it banks on more partnerships to help boost insurance penetration and awareness in the country.
The life insurer has issued close to a million policies since it began operating in 2020, Singlife Philippines Co-Founder and Executive Director Sherie Ng said on Wednesday.
“Our ambition is big. If you look at the penetration rate at 2%, I think there is a significant role that we can play in this community so that every Filipino gets basic financial protection. We are definitely driving for high dou-ble-digit growth,” Ms. Ng said.
“We are actively partnering to educate… and to make the reach more extensive. Besides the convenience, it’s to be able to reach different Filipino communities. So, the partnerships will be very key to that strategy in scaling and offering our solutions,” she added.
As of end-September, the country’s insurance penetration rate, or the premium volume as a share of gross domestic product or contribution of the insurance sector to the national economy, went down to 1.68% from 1.81% in the same period last year, latest data from the Insurance Commission (IC) showed.
Singlife Philippines’ partners include Union Bank of the Philippines, Inc., Konsulta MD, and GCash.
The insurer will continue pursuing partnerships with digital banks, e-commerce platforms, health and wellness, and others next year, Ms. Ng said, adding that they also aim to offer more low-cost policies to drive premium growth.
Singlife Philippines on Wednesday launched a holiday promo, letting clients access its interest-earning emergency fund product for an initial cash-in of just P250, down from P1,000 previously. Clients will also receive an addi-tional P250 cash credit as a welcome bonus.
Contributions in the Singlife Emergency Fund can earn interest of up to 5% annually tax-free. The product comes with life and disability insurance coverage.
“The P250 is Singlife’s way of increasing awareness and penetration. It’s Singlife’s gift to every consumer who wants to start that financial journey,” Ms. Ng said.
Singlife Philippines, a fully digital life insurance company, is the local unit of the Singapore Life Private Ltd.
Its premium income stood at P73.63 million as of March, based on IC data. It recorded a P139.7-million net loss in the same period. — AMCS