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Monday, April 15, 2024

Singlife Philippines secures funding for innovation and development

Digital insurer Singlife Philippines has gained PHP600m ($10.7m) in funding from its guardian agency and majority shareholder, Singlife Group.

The funding for Singlife Philippines is about to additional help the corporate’s development and innovation, notably in digital know-how.

Moreover, the funding might be utilized by Singlife Philippines for a digital platform that leverages AI, product innovation, and partnership development.

Singlife Group just lately turned a completely owned a part of Sumitomo Life Insurance coverage and is vital to the corporate’s regional plans. It additionally has objectives of changing into an built-in omnichannel monetary providers agency within the area with a concentrate on buyer centricity.

“This funding underscores the sturdy confidence Singlife and different shareholders have within the huge potential of the Philippines market in addition to Singlife Philippines’ concentrate on technological innovation, to disrupt how insurance coverage is skilled and delivered,” mentioned Richard Vargo, chairman of Singlife Philippines.

He added: “That is in step with our bigger group’s mission in pushing boundaries within the digital insurtech house.”

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“This milestone propels and expands our capability to introduce extra cutting-edge digital insurance coverage options, equivalent to embedded and bundled insurance coverage and enhancing our platform with AI capabilities. It’s a launchpad for aggressive market enlargement and forging new strategic partnerships” continued Sherie Ng, govt director of Singlife Philippines.

She added: “We’re one step nearer to our mission to democratise monetary safety. With this help, we’re geared to proceed our transformative journey, enriching buyer worth and driving sector-wide innovation and development.”

Singlife Philippines is a cellular first insurance coverage firm and has practically a million insurance policies incepted, in addition to excessive buyer opinions and belief scores.

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