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.

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.