Galileo Platforms, a Hong Kong-based insurance technology company, has launched its blockchain-enabled platform for life insurance products in the Philippines. It has joined Singlife Philippines, a mobile-first life insurer from Singapore, and GCash, the largest e-wallet in the Philippines, to launch the service, which seeks to widen insurance coverage in one of the region’s most under-insured markets.
The new Singlife Philippines service comes amid growing concern over the coronavirus pandemic and rising demand for health insurance in the Philippines. The country has recorded more than 370,000 confirmed cases of Covid-19 with over 7,000 related deaths.
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 the industry participants, and eliminating the duplication of data. It provides a low-cost platform and flexible insurance products that are well suited for the Philippines, where insurance penetration is among the lowest in the region – less than 1% when measured by gross written premiums as a percentage of per-capita GDP.
“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,” says Rien Hermans, president and chief executive officer 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 CEO Mark Wales notes: “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. 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.”