MANILA – Insurance penetration in the Philippines remains below 2 percent, but an official from digital-only insurance firm Singlife Philippines is optimistic about improvement given the affordability and digital access options.
During the launch of the Singlife Insurance Microsite, a partnership between Singlife Philippines and Asia United Bank (AUB) in Pasig City, Singlife Philippines Chief Executive Officer stated that stakeholders “have to do so much more” to increase the insurance penetration rate.
He mentioned they don’t have a specific target number of clients to be onboarded through AUB’s electronic wallets, HelloMoney and Hello Pag-IBIG, but would be happy if around 3 to 5 percent of the bank’s approximately 7 million clients avail of the insurance products.
When asked about potential drivers that would encourage the public to obtain insurance coverage, he cited affordability, ease and convenience of accessing products, and value.
He noted that being a digital-only insurance company is advantageous since people are now more confident using their mobile phones to access products and services at any time.
He added that education and information campaigns through participation in events like running events and bridal fairs help people understand the value of having insurance.
“They’re beginning to realize the value of having insurance as shown in the kind of customer acquisition we’re seeing month-on-month, which has been better than ever before. This isn’t just attributable to our hard work in creating meaningful products and making the customer experience remarkable, but also speaks to the progress we’ve made in educating the Filipino people,” he said.
He mentioned most of their clients are in their mid-20s to early 30s because “the relatively younger segment of the population tends to adapt to digital or new solutions more quickly,” but they encourage more clients over 30 years old.
Regarding government support to ensure more people get insurance coverage, he said the insurance sector is working closely with the Insurance Commission “to cover as many lives as possible in the shortest possible time.”
Pasig City
Pasig City is a highly urbanized city in Metro Manila, Philippines, located along the banks of the Pasig River. Historically, it was an important pre-colonial settlement and later became the provincial capital of Rizal before being incorporated into the National Capital Region. Today, it is a major residential and commercial hub, known for its mix of modern business centers and historical landmarks like the Immaculate Conception Cathedral.
Singlife Insurance Microsite
The Singlife Insurance Microsite is a modern digital platform designed to provide accessible information and services related to Singlife’s insurance and financial products. It was developed as part of Singlife’s digital-first strategy to engage customers online, reflecting the company’s history of innovation since its founding as Singapore’s first direct life insurer. The microsite serves as a streamlined hub for users to learn about and manage their financial needs.
Asia United Bank
Asia United Bank (AUB) is a universal bank in the Philippines founded in 1997. It has established itself as a significant financial institution, known for its strong corporate banking services and its role in financing major infrastructure projects in the country.
HelloMoney
“HelloMoney” does not appear to be a widely recognized historical place or established cultural site. It is likely a modern financial technology company, brand, or service related to digital payments, loans, or personal finance management. As such, it does not have a significant historical background in the traditional sense of a cultural landmark.
Hello Pag-IBIG
“Hello Pag-IBIG” is not a physical place or cultural site, but rather the common greeting for the Pag-IBIG Fund in the Philippines. Pag-IBIG (Home Development Mutual Fund) is a government-run savings program established in 1978, primarily providing affordable housing loans and short-term savings programs for Filipino workers. It is a significant part of Filipino financial culture, helping millions of members achieve their goal of homeownership.
Insurance Commission
An Insurance Commission is a government regulatory body, not a single cultural or historical site. Its history is tied to the development of the modern insurance industry, emerging to protect consumers, ensure company solvency, and oversee market practices. These commissions are established by national or state governments to maintain stability and fairness within the insurance sector.
Philippines
The Philippines is a Southeast Asian archipelago nation with a rich history shaped by centuries of Spanish colonization, followed by American rule, which has created a unique blend of Eastern and Western cultures. This heritage is visible in its historic Spanish-era churches, vibrant festivals, and its status as one of the world’s largest Catholic countries. Its cultural landscape is further defined by its over 170 languages and a resilient national identity forged through its complex history.
MANILA
Manila is the capital city of the Philippines, founded in 1571 by Spanish conquistador Miguel López de Legazpi. It served as the center of Spanish colonial government for over three centuries and was heavily damaged during World War II. Today, it is a densely populated metropolis known for its historic Intramuros district and its role as the country’s economic and cultural hub.
