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Singlife Philippines unveils 2020 launch plans in partnership with Aboitiz, Di-Firm

Anjie lou delos Reyes
Singlife Philippines and its shareholders Aboitiz Equity Ventures Inc. (AEV), Di-Firm, and Singapore Life Private Limited (Singlife) formally celebrated their new alliance, with the singular aim of pooling their skills and resources towards a commercial launch later this year.

Singlife Philippines unveils 2020 launch plans in partnership with Aboitiz, Di-Firm
Singlife Philippines unveils 2020 launch plans in partnership with Aboitiz, Di-Firm

During the dinner event held at the Manila House Private Club, Singlife Philippines President & CEO Rien Hermans introduced his leadership team and revealed the company’s plans to enter the market through existing digital platforms such as mobile wallets. He looks forward to entering the market, saying that “enabling customers of existing digital ecosystems to experience the benefits of insurance and offering them our unique propositions of fairly priced and reliable protection products will expand the market. With 24/7 access, transparent offerings, and value for money propositions, clients will be up for a new and more satisfying experience”.

Meanwhile, Singlife Founder & Group CEO Walter de Oude says that the joint venture with AEV & Di-Firm forms part of their commitment to “unlock the potential of money for everyone.” He adds: “Singlife’s role in empowering customers to take control of their financial future is only made possible through these strong partnerships. Technology is changing everything that we do and Singlife is at the cutting edge for our industry."

With Singlife’s unique fintech expertise in digitalizing life insurance offers and with AEV’s strategic position across industries, Singlife Philippines is poised to claim its share in the local life insurance market.

According to the Philippine Insurance Commission, the life insurance market has shown significant growth over the past five years with total premium income growing 9% per annum and sales of new policies growing at approximately 15% per year. However, the penetration of individual life insurance is still low at around 6% of the insurable market. This is expected to increase to 12-18% in the medium-term, fueled by an emerging segment of people purchasing policies for the first time.

A substantial part of this segment consists of people between 25 to 50 years old, with net income between PHP 25-50K per month and a preference for online and mobile services. For this new generation of mobile-first consumers, currently already booking rides and shopping on their mobile device, Singlife Philippines believes it better meets their financial planning needs through a mobile experience.

About Singlife Philippines
Singlife Philippines, headquartered in Manila, is a majority-owned subsidiary of Singlife that will soon begin reshaping the financial services industry in 2020. The company’s vision is to unlock the potential of money for everyone by offering innovative financial solutions that help people manage, grow and protect their money distributed according to their preferences.

Singapore Life Private Limited (Singlife)
Singlife is the first independent life insurance company that is fully licensed by the Monetary Authority of Singapore since 1970. Valued at USD 360mn, the company has been recognized for its deep expertise in technology to provide a superior experience for its customers, attracting investments from major life insurers such as Aflac, Aberdeen Standard Investments, and Sumitomo Life Insurance.

Aboitiz Equity Ventures
Aboitiz Equity Ventures Inc. is the public holding company of the Aboitiz Group with major investments in power, banking and financial services, food, infrastructure, and land. Today, AEV is recognized as one of the best-managed companies in the Philippines and in the region, consistently cited for its commitment to good corporate governance and corporate social responsibility. With five generations of Aboitiz Group business successes behind it, AEV continues to drive change for a better world by advancing business and communities.

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