Digital insurer Singlife Philippines has partnered with fintech company GCash to sell its life insurance products on the latter’s mobile wallet platform.
The partnership aims to offer users access to relevant, affordable, and secure insurance products in Philippines. They will be now able to purchase life insurance plans through the GCash e-wallet platform.
Singlife’s insurance products add to the existing GCash services such as savings, on-demand credit and investments, reported Business World.
Singlife Philippines CEO Rien Hermans was quoted by Business World as saying: “Partnering with GCash, the biggest e-wallet platform in the Philippines, makes perfect sense as our goals are aligned. We offer simple and flexible products at affordable prices to a large base of customers.”
GCash president and CEO Martha Sazon was quoted as saying: “After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being.”
Reportedly, Singlife was originally planning to launch their initial products on GCash platform in April. But the company was pushed to postpone the launch due to the coronavirus pandemic.
Singlife Philippines is a majority-owned subsidiary of Singlife with shares owned by Di-Firm and Aboitiz Equity Ventures.