Regulator allows sale of insurance products through phone apps

New rules open up possibilities for insurer tie-ups with telecom firms

Regulator allows sale of insurance products through phone apps

Insurance News

By Paolo Taruc

The Philippines’ insurance regulator is now allowing insurance firms to sell their products through mobile apps.

In a circular issued on Monday, Insurance Commissioner Dennis Funa said the move will help boost market penetration in the country and improve efficiency in the delivery of insurance products.

Insurance firms that seek to sell through mobile apps must first obtain the commission’s approval. Likewise, such apps should also be registered on major digital platforms like Apple’s App Store, Google Play, or the Microsoft Windows Marketplace.

The regulator’s guidelines also pave the way for partnerships between insurers and telecommunications firms, as such insurance apps may be pre-installed in mobile devices or SIM cards. In addition, it also allows payments to be deducted from mobile credits or to be included in monthly phone bills.

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