Philippines, Nov. 8, 2020 /AlexaBlockchain/ – Singlife Philippines, a mobile-first life insurer from Singapore and GCash, a FinTech in the Philippines will be using blockchain InsurTech Galileo Platforms to develop products and services aimed at reach a large, and mostly untapped insurance market.
Galileo Platforms is a specialist blockchain technology platform for the insurance industry. Galileo Platforms claimed that it was the first InsurTech to have its advanced blockchain platform used by an insurer as its core policy administration system.
Galileo’s blockchain platform enables quotes, pricing, digital policy issuance, commissions and claims to be completed in real-time with a single, secure “source of truth” agreed by all parties. It reduces cost, complexity and errors. It creates an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records. And it supports all types of retail insurance – medical, life and general.
According to Singlife, the new blockchain-driven service is important because it will make affordable insurance available in one of the region’s most under-insured countries. It does so at a time of growing concern in the Philippines about COVID-19 and rising demand for health insurance.
Rien Hermans, President & CEO of Singlife Philippines, said, “Galileo technology is built for digital and for scale, offering easy low-cost solutions.”
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 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.
Mark Wales, CEO at Galileo Platforms, said, “Many insurers are struggling to become digital, constrained by legacy processes and systems. We’ve re-thought the approach to managing policies, coverage, and premiums to create flexible products and straight-through processing giving the customer a complete digital experience. Our low-cost high-efficiency technology enables the whole life cycle of insurance transactions to be completed at scale, without touching human hands.”
Galileo Platforms supports all types of retail insurance: medical, life, and general. Its technology helps insurers and customers by removing the need for reconciliations and slow back-office processes, thereby reducing cost, complexity, and errors. Its vision is to make insurance more widely available to the mass of under-insured people across Asia.