Singlife Philippines, Galileo Platforms and GCash partner to launch insurance products platform
By Edil Corneille
Galileo Platforms, a specialist blockchain technology platform for the insurance industry, has its advanced blockchain platform used by an insurer as its core policy administration system with Singlife’s launch in the Philippines.
Galileo Platforms joined with Singlife Philippines, a mobile-first life insurer from Singapore, and GCash, an e-wallet in the Philippines, to launch a platform for life insurance products. By using Galileo’s scalable cloud-based blockchain technology, the new Singlife Philippines service is said to have the potential to reach a very large and mostly untapped insurance market.
The announcement comes at a time of growing concern in the Philippines about COVID-19 and the rising demand for health insurance.
“We are very pleased to partner with Galileo Platforms to launch this radically new digital service to an important yet under-insured market in the Philippines,” said Rien Hermans, President & CEO of Singlife Philippines. “Galileo technology is built for digital and for scale, offering easy low-cost solutions. That’s perfect for Singlife and perfect for under-insured markets such as this one.”
Galileo Platforms’ patented blockchain technology enables insurers to connect with customers, distributors, and other key players in real-time using its digital platform, providing a shared source of truth to industry participants, and eliminating the duplication of data. It provides a low-cost platform and flexible insurance products well suited for the Philippines.
“Many insurers are struggling to become digital, constrained by legacy processes and systems. We’ve re-thought the approach to managing policies, coverage and premiums to create flexible products and straight through processing giving the customer a complete digital experience,” said Mark Wales, Chief Executive Officer at Galileo Platforms. “Our low-cost high-efficiency technology enables the whole life-cycle of insurance transactions to be completed at scale, without touching human hands.”
Wales continued, “With Galileo, new business quotes, pricing, digital policy issuance, commissions and claims are completed in real-time with a single, secure “source of truth” that is agreed by all parties. It’s an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records.”
Galileo Platforms supports all types of retail insurance — medical, life, and general. Its technology helps insurers and customers by removing the need for reconciliations and slow back-office processes, thereby reducing cost, complexity, and errors.
“Two or three years ago, the idea of smallholder farmers in remote corners of the Philippines taking out insurance through blockchain technology would have seemed fanciful. But that is the reality now,” Wales said adding that medical insurance is usually one of the first types of insurance consumers buy. “Our digital technology makes insurance accessible and affordable for the mass market. What works on mobile phones across the Philippines can be replicated elsewhere in Asia and globally.”
IBSi Daily News Analysis
December 06, 2023
Most Britons think big banks prioritise profits over helping savers, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage