The chief executive officer of Singlife in the Philippines has commended that country’s insurance regulator for the quick processing of its license application.
Commissioner Dennis Funa of the Philippines’ Insurance Commission (IC) approved Singlife Philippines’ licence to operate last week, giving the digital insurer the green light to launch products this year.
“Technology has underpinned the consistent, continuous growth of the insurance industry in the Philippines,” Funa told the Philippine Daily Inquirer. “Singlife’s philosophy – of making insurance customer-centric and efficient through technology – is a game changer for the evolving needs of a digital, progressive middle class who expect to be served real time and in a fair manner.”
“I’m very grateful to Mr Funa and the people in the IC for the fast turnaround of our license application,” Rien Hermans, president and chief executive officer of Singlife Philippines told the Inquirer. “We submitted all the requirements for our license only last mid-December, and we actually have the license framed in our office barely two months after.”