Singlife Philippines achieved an important milestone after the Insurance Commission recently granted it a license to operate.
Singlife met the requirement for a new insurance company to have an unimpaired capital of at least P1 billion to ensure contract liabilities can be met.
After receiving P1.3 billion from its shareholders Singapore Life Pte Ltd., Di-Firm, and Aboitiz Equity Ventures, Singlife Philippines cleared all the requirements and passed the mark.
“I’m very grateful to [Insurance Commissioner] Mr. [Dennis] Funa and the people in the IC for the fast turnaround of our license application,” Singlife Philippines president and CEO Rien Hermans said.
“We submitted all the requirements for our license only last mid-December, and we actually have the license framed in our office barely two months after.”
Hermans said Singlife takes pride in products that “are more focused on clients who can pay high premiums and generate attractive commissions.”
Digital technology is also a major factor in their operation as they want to reach a broader range of clients and make customer experience reach a higher standard.
“Unlike in the nineties when customers were fine with receiving statements of account twice a month, customers now check their balance twice a day through their mobile devices and expect payments transacted over social media platforms to be in their accounts within minutes,” Hermans said.
“Singlife’s philosophy of making insurance customer-centric and efficient through technology is a game changer for the evolving needs of a digital, progressive middle class who expect to be served real time and in a fair manner,” Funa said.