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Monday, April 15, 2024

Singlife Philippines secures funding for innovation and development

Digital insurer Singlife Philippines has gained PHP600m ($10.7m) in funding from its father or mother agency and majority shareholder, Singlife Group.

The funding for Singlife Philippines is about to additional help the corporate’s development and innovation, notably in digital know-how.

Moreover, the funding might be utilized by Singlife Philippines for a digital platform that leverages AI, product innovation, and partnership development.

Singlife Group lately turned a completely owned a part of Sumitomo Life Insurance coverage and is essential to the corporate’s regional plans. It additionally has objectives of changing into an built-in omnichannel monetary providers agency within the area with a concentrate on buyer centricity.

“This funding underscores the robust confidence Singlife and different shareholders have within the huge potential of the Philippines market in addition to Singlife Philippines’ concentrate on technological innovation, to disrupt how insurance coverage is skilled and delivered,” stated Richard Vargo, chairman of Singlife Philippines.

He added: “That is according to our bigger group’s mission in pushing boundaries within the digital insurtech house.”

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“This milestone propels and expands our capability to introduce extra cutting-edge digital insurance coverage options, comparable to embedded and bundled insurance coverage and enhancing our platform with AI capabilities. It’s a launchpad for aggressive market enlargement and forging new strategic partnerships” continued Sherie Ng, government director of Singlife Philippines.

She added: “We’re one step nearer to our mission to democratise monetary safety. With this help, we’re geared to proceed our transformative journey, enriching buyer worth and driving sector-wide innovation and development.”

Singlife Philippines is a cell first insurance coverage firm and has almost a million insurance policies incepted, in addition to excessive buyer evaluations and belief scores.

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