Singapore-headquartered digital life insurer SingLife has entered the Philippine life insurance market after forming a new joint venture (JV) with conglomerate Aboitiz Equity Ventures (AEV), reported local daily Inquirer.net.
Titled SingLife Philippines, the JV is 65% owned by SingLife while partners Di-Firm and AEV own 20% and 15% respectively. In a disclosure to the Philippine Stock Exchange, AEV stated that the new company seeks to make insurance and financial products more accessible to Filipinos nationwide using a digital platform.
“For this new generation of mobile-first consumers already booking rides and purchasing everyday goods online, Singlife Philippines believes it can also fulfil their financial planning needs through a mobile app,” said the disclosure.
The firm is targeting to serve people between 25 to 50 years old with net income between PHP25,000 ($491.45) to PHP50,000 per month and a preference for online and mobile services.
Data from the Philippines’ Insurance Commission show that the life insurance market has grown significantly over the past five years with total premium income growing by 9% a year and sales of new policies growing at around 15% per year.
However, the penetration of individual life insurance remains low at around 6% of the insurable market. This is projected to increase to 12-18% in the medium-term driven by an emerging segment of people purchasing policies for the first time.
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