- Singlife Philippines receives ₱300 million in fresh funding to sustain momentum in building mobile-first savings and protection products.
- Shareholders Aviva Singlife, Di-Firm, and Aboitiz Equity Ventures express confidence in the start-up after its successful launch.
Manila, Philippines – Singlife Philippines announced receiving an additional ₱300 million to strengthen its capital base and sustain the growth of its digital-led life insurance business.
Existing shareholders Aviva Singlife, Di-Firm, and Aboitiz Equity Ventures subscribed to all the shares made available for investment, as they are confident in the company’s potential to become a significant industry player following its successful launch. Their vote of confidence furthers Singlife Philippines’ drive to put customers in control of their finances with tools and solutions that fit their needs, their budget, and are always on hand.
Singlife Philippines introduced its first protection product, Cash for Dengue Costs with free COVID-19 cover in October 2020. Customers bought their policies via GInsure on the GCash app, paying as low as ₱300 per year for a coverage of up to ₱421,500. A free 3-month version of the product was also offered to eligible Globe customers, resulting in Singlife insuring well over 100,000 lives against unforeseen Dengue and COVID-19 costs.
The success of Cash for Dengue Costs was soon followed by the launch of its income protection suite, with a choice between Cash for Income Loss and the lower priced Cash for Income Loss (Accidents Only). In the coming months, Singlife Philippines will launch Cash for Medical Costs, Cash for Later, and its direct-to-customer platform called the Singlife Plan & Protect app to continue its strong growth momentum.
“Everyone should have the opportunity to take control
of their finances – to be able to save for big funding goals and be protected
from the financial burdens that follow a severe medical condition or sudden
loss of income,” said Rien Hermans, CEO of Singlife Philippines.
“This new investment enables the execution of our business plan, with the
development and delivery of a next-level user experience in savings and protection to unlock the
potential of money for everyone.”
About Singlife Philippines
Singlife Philippines is a majority-owned subsidiary
of Aviva Singlife Holdings (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 be in control of how they
save and get protected with just their mobile phone. Visit www.singlife.com.ph
for more information.
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