Singapore Life Philippines (Singlife), a digital insurer launched last year, is coming up with two new products this year. It also announced potential partnership with two new platforms after it initially onboarded the GCash app to offer its Cash for Dengue Costs with a free COVID-19 coverage.
“We kind of plan to launch around September so I think that will more or less work,” said Rien Hermans, CEO, Singlife Philippines. “There are some unknowns in the process always, so it might be a month later but more or less between September and October.”
At present, Singlife has more than 32,500 policyholders in the Philippines and P34.2 million in annual premium equivalent (APE) as of April 2021. That is coming from 7,300 customers in December 2020 and APE of P6.6 million. With new products and partners in the pipeline, the digital insurer is setting a target of 150,000 customers and APE of P350 million.
To complete its full suite of protection products, which include “Cash for Dengue Costs” and “Cash for Income Loss,” on e-wallet GCash, Singlife is set to launch Cash for Medical Costs, which provides coverage for high medical bills due to hospitalization and critical illnesses including COVID-19, cancer, and heart disease, among others, for around P500 per month. Cash for Later is an investment product to enable its target customers to build funds for future needs.
“We are always on the lookout for partners that can offer our products in their digital platforms,” Hermans said. “There should be a significant overlap between our target market and their customer base. Further, it is essential that the partner believes in what we believe in: putting customers in control of their finances through technology, offering meaningful benefits at a fair price, and delivering an exemplary customer experience every single time.”
The subsidiary of Singapore Life Pte. Ltd., Singlife Philippines built a microservices portal that houses all its protection products and can be integrated with the frontend of any digital platform. This cohabitation setup allows a seamless user flow between two platforms without having to switch screens. Moreover, it grants customers extended access to services such as policy management, claims filings, and claims payments which are not normally offered by incumbents within the same environment.
Enabling this from Singlife’s backend are the various tech components that perform independent tasks but operate in unison with others to automatically plan for scale and sustainability. Partnerships use fewer resources and produce faster turnaround times in all stages of product implementation.