Singlife Philippines to launch new offerings by September

Digital life insurer Singapore Life (Singlife) Philippines on Thursday said it is gearing to roll out at least two new offerings, which could come as early as September.

In a virtual briefing, Singlife Philippines chief executive officer Rien Hermans said among the new products to be launched is its medical insurance, along with another investment vehicle.

The Cash for Medical Costs will provide coverage for medical bills due to hospitalization and critical illnesses such as COVID-19, cancer, and heart disease among others for as low as P500 per month.

Meanwhile, the Cash for Later product will allow customers to invest and build funds for future needs. Both services will be made available through Singlife's partnership with Globe Fintech Innovations Inc.'s (Mynt) GCash.

"To be honest we submitted them to the Insurance Commission," Hermans said in a virtual briefing on Thursday.

"We kind of plan to launch it around September so I think that will more or less work. I mean there are some unknowns in the process always, so it might be a month later but more or less between September, October," he added.

SingLife Philippines CEO Rien Hermans says the company will start offering its medical insurance in the next two or three months.

This will cover critical illnesses such as COVID-19, cancer, and heart disease for as low as ?500 per year. pic.twitter.com/mFlMafWGaR

— Jon Viktor Cabuenas (@ViktorCabuenas) May 6, 2021

At present, Singlife offers Cash for Dengue Costs which insures customers from dengue or COVID-19 tests to confinement from both mild and severe cases for up to P421,500.

Meanwhile, Cash for Income Loss (Accidents) allows customers to replace income in case of disability or death due to an accident, with a personalized quote delivered via the mobile application.

Aside from GCash, Hermans said Singlife is also in advanced talks with two other digital network partners for a possible partnership.

"We are always on the lookout for partners that can offer our products in their digital platforms," he said.

"Ideally, there should be a significant overlap between our target market and their customer base," he added.

In terms of its direct-to-customer initiative, Hermans said this is still on track to be launched within the year.

The Singlife Plan & Protect App allows customers to avail of offerings through fully digital means.

"We believe that finances are too important to be placed in the hands of someone else. It is only by giving control back to the customers can we truly unlock the potential of money for everyone," said Hermans.

Singlife Philippines chief technology officer (CTO) Zayd Tolentino earlier said its direct-to-customer initiatives are scheduled to be launched in the third quarter, between July to September.—AOL, GMA News