Funding InsurTech

Singlife Philippines Secures US$10.65 Million Funding to Push Digital Insurance

Singlife Philippines has recently enhanced its financial reserves through a P600 million (approximately funding from its principal backer, Singapore Life Holdings Pte. Ltd. This infusion is intended to bolster the company’s innovation and growth, with a particular emphasis on digital technologies.

The Group, now entirely under the umbrella of Sumitomo Life Insurance Company, is looking to evolve into a leading omni-channel financial services provider across the region, with an emphasis on serving the customer’s interests. This development is in tandem with Sumitomo Life’s strategic goals for regional expansion.

Richard Vargo

Richard Vargo, Chairman of Singlife Philippines, pointed out that the investment reflects the strong belief in the Philippine market’s potential and Singlife Philippines’ commitment to leveraging technology to enhance the insurance experience.

“This funding underscores the strong confidence Singlife and other shareholders have in the vast potential of the Philippines market as well as Singlife Philippines’ focus on technological innovation, to disrupt how insurance is experienced and delivered,”

said Richard. He aligned this with the broader group’s objective of leading innovation in the digital insurance technology sector.

Sherie Ng

Sherie Ng, the Executive Director of Singlife Philippines, perceives the funding as a crucial step toward introducing more advanced digital insurance solutions, including those that are embedded and bundled, and enhancing the company’s platform with artificial intelligence.

“This milestone propels and expands our capacity to introduce more cutting-edge digital insurance solutions[…] It’s a launchpad for aggressive market expansion and forging new strategic partnerships,”

Sherie noted.

The funding is allocated towards three main areas: the enhancement of the digital platform through artificial intelligence to improve efficiency and user personalisation, the introduction of innovative product offerings such as embedded and bundled insurance, and the expansion of the company’s reach through strategic partnerships and collaborations.

With nearly a million policies already in place and receiving high marks for customer satisfaction and trust, Singlife Philippines is prepared to significantly enhance its market presence. The company aims to offer essential insurance solutions tailored to modern requirements, such as income loss protection, medical coverage, and investment options for critical life events.

Featured image credit: Edited from Freepik