More people will now get the access to a more affordable and convenient way of having themselves insured and purchasing policies through Singlife Philippines and GCash partnership offering fuss-free protection.
Mobile-first life insurer Singlife Philippines announced its official 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 5% to 6% of the insurable population own at least one policy. Market research indicates that another 15% to 20% 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 5 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.
“What makes Singlife’s products different is that they are designed to be meaningful: offering basic protection that is easy to purchase, easy to manage, and easy to maintain. We do not have anything to hide and that makes it possible to be transparent and clear. You can always ensure that our solutions fit your financial needs, and that you are not bound by long-lasting contracts preventing you from optimizing the value of the product. Singlife empowers you to be in control,” said Singlife Philippines President and CEO Rien Hermans.
Expanding its presence from Singapore to the Philippines, Singlife partnered with GCash as it offers simple and flexible products at affordable prices, with a similar goal of unlocking the potential of money for all Filipinos.
“This partnership comes at a crucial time when health and financial security are a priority. Leveraging Singlife’s technology and offerings, we have an opportunity to provide more Filipinos with meaningful life insurance products that can effectively protect them and secure their financial well-being,” said GCash President and CEO Martha Sazon.
Singlife and GCash to launch their first product: Cash for Dengue Costs
Apart from the partnership, Singlife and GCash will set to launch their first product: Cash for Dengue Costs, a comprehensive yet affordable protection product that provides a multi-level benefit against medical costs due to mild to severe cases of Dengue – a first of its kind in the market.
This product is very flexible with customizable coverage levels, payment terms, and the option to cover an individual or the whole family. As an introductory offer, Singlife will extend the cover by adding a free COVID-19 rider – providing customers protection from both the ongoing pandemic and seasonal worries that they should watch out for themselves and their families.
Proving to be customer-centric and user-friendly, the application process for Cash for Dengue Costs only takes less than five minutes.
To read the rest of the article, please use this link: https://mb.com.ph/2020/09/09/singlife-philippines-officially-launched-its-partnership-with-gcash-to-offer-no-fuss-protection-to-filipinos/
9 September 2020