Singlife Philippines officially launched its partnership with 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 own 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 indeed prioritized, and whether the financial advice given is best for them. High premiums come with the expectation that payments will be made in 5 to 20 years’ time to optimize the value of the policy. And in some cases, some policies hardly survive until the end of the payment period and realize the benefits promised at the moment of purchase. These are affirmed when negative experiences are shared among friends and family and affect decision-making, especially for first-time customers.
Expanding its presence from Singapore to the Philippines, Singlife partnered with GCash as it offers simple and flexible products at affordable prices, with a similar goal of unlocking the potential of money for all Filipinos.
Apart from the partnership, Singlife and GCash will launch their first product: Cash for Dengue Costs, a comprehensive yet affordable protection product that provides a multi-level benefit against medical costs due to mild to severe cases of Dengue – a first of its kind in the market.
This product is very flexible with customizable coverage levels, payment terms, and the option to cover an individual or the whole family. As an introductory offer, Singlife will extend the cover by adding a free COVID-19 rider – providing customers protection from both the ongoing pandemic and seasonal worries that they should watch out for themselves and their families.
Proving to be customer-centric and user-friendly, the application process for Cash for Dengue Costs only takes less than five minutes. Customers can even pay, view, manage, and file claims on their Singlife policies directly in the GCash app.
Initially made available to a limited group of GCash users this September, Singlife’s Cash for Dengue Costs will be made available to all verified GCash users via the GCash Insurance Marketplace later this year along with other Singlife protection products.
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