- Low-cost, high-efficiency blockchain technology brings insurance to under-insured
- Blockchain a single “source of truth” that eliminates costly back-office work
HONG KONG – Media OutReach – 29 October 2020 – Galileo Platforms, a specialist blockchain technology platform for the insurance industry, has become the first company to have its advanced blockchain platform used by an insurer as its core policy administration system with Singlife’s launch in the Philippines.
Galileo Platforms joined with Singlife Philippines, a mobile-first life insurer from Singapore, and GCash, the largest e-wallet in the Philippines, to launch a platform for life insurance products. By using Galileo’s scalable cloud-based blockchain technology, the new Singlife Philippines service can potentially reach a very large and mostly untapped insurance market.
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. The country has had more than 373,144 confirmed cases with over 7,053 related deaths.
“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,” said Rien Hermans, President & CEO 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 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.
“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,” said Mark Wales, Chief Executive Officer at Galileo Platforms. “Our low-cost high-efficiency technology enables the whole life-cycle of insurance transactions to be completed at scale, without touching human hands.”
Mr. Wales continued: “With Galileo, new business quotes, pricing, digital policy issuance, commissions and claims are completed in real-time with a single, secure “source of truth” that is agreed by all parties. It’s an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records.”
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.
“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,” said Mr. Wales, adding that medical insurance is usually one of the first types of insurance consumers buy.
“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.”
About Galileo Platforms Limited
Galileo Platforms is a Hong Kong-based technology company serving the insurance sector (www.galileoplatforms.com). Using blockchain technology, Galileo Platforms connects participants in the insurance ecosystem, enabling them to deliver revolutionised client experience and reducing costs.
It takes much of the functionality typically found in legacy policy administration systems and encodes it in smart contracts in a blockchain. This mutualises the policy administration function, creating new opportunities for insurance. Galileo Platforms enables the insurance of tomorrow.
About Singlife Philippines – Singapore Life (Philippines) Inc.
Singlife Philippines is a majority-owned subsidiary of Singapore Life Pte. Ltd. (65%) with partners Di-Firm (20%) and Aboitiz Equity Ventures (15%). The company offers innovative tools & solutions to unlock the potential of money for everyone, helping people to be in control and financially confident.
About Singapore Life Pte Ltd. (Singlife)
Singlife is the first independent life insurance company that is fully licensed by the Monetary Authority of Singapore since 1970. Valued at USD 360mn, the company has been recognized for its deep expertise in technology to provide a superior experience for its customers, attracting investments from major life insurers such as Aflac, Aberdeen Standard Investments, and Sumitomo Life Insurance.