Insurance innovation in the Philippines
Philippines-based Insular Life thinks product development and the use of digital technology will be vital for its continued success . Given MetLife’s recent launch of Collab insurance accelerator, which specifically seeks Trov like microinsurance solutions for the life and health sector, it is safe to assume Insular isn’t the only one with the notion that micro makes most sense when looking to attract the uninsureds of the world. After all, it’s the closest insurers can get to ‘try before you buy’. The local life insurer has been recently recognized as one the Most Innovative Companies of the Year, by the Asia CEO Award, perhaps because it is the first in the Philippine insurance industry sector to launch an automated underwriting platform. Bottom Line: the path to digital traction can be a bouncy one.