Digital insurer Singlife Philippines has gained PHP600m ($10.7m) in funding from its parent firm and majority shareholder, Singlife Group.
The funding for Singlife Philippines is set to further support the company’s growth and innovation, particularly in digital technology.
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Furthermore, the funding will be used by Singlife Philippines for a digital platform that leverages AI, product innovation, and partnership growth.
Singlife Group recently became a wholly owned part of Sumitomo Life Insurance and is key to the company’s regional plans. It also has goals of becoming an integrated omnichannel financial services firm in the region with a focus on customer centricity.
“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 Vargo, chairman of Singlife Philippines.
He added: “This is in line with our larger group’s mission in pushing boundaries in the digital insurtech space.”
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By GlobalData“This milestone propels and expands our capacity to introduce more cutting-edge digital insurance solutions, such as embedded and bundled insurance and enhancing our platform with AI capabilities. It’s a launchpad for aggressive market expansion and forging new strategic partnerships” continued Sherie Ng, executive director of Singlife Philippines.
She added: “We are one step closer to our mission to democratise financial protection. With this support, we’re geared to continue our transformative journey, enriching customer value and driving sector-wide innovation and growth.”
Singlife Philippines is a mobile first insurance company and has nearly one million policies incepted, as well as high customer reviews and trust scores.
