Singlife and GCash now offering no-fuss protection to Filipinos
Entering the market, mobile-first life insurer Singlife Philippines officially launched its partnership with the country’s leading mobile wallet GCash, showcasing an innovative customer experience that will be available on the GCash app. Life insurance has been present in the Philippines for more than a century, but only 5% to 6% of the insurable population owns at least one policy. Market research indicates that another 15% to 20% of Filipinos are attracted by the value of life insurance. While some still haven’t purchased a policy as they feel intimidated to speak with sales representatives, others who have purchased found the overall value and customer service lacking. These often lead to discontinuation of contributions – and in most cases, waiving of benefits. Singlife identified several hurdles that prevent people from getting insured: limited access, complex products, and high premiums. Limited access to buy through financial advisors lead to doubt if the customer’s needs are
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