Galileo Platforms, a blockchain technology platform for the insurance industry, said Singlife has used its blockchain platform as its core policy administration system in the Philippines.
Singlife Philippines, a mobile-first life insurer from Singapore, and GCash, an e-wallet in the Philippines, will launch a platform for life insurance products by using Galileo’s cloud-based blockchain technology.
“We are partnering with Galileo Platforms to launch this new digital service to an important yet under-insured market in the Philippines,” said Rien Hermans, president and CEO of Singlife Philippines.
Galileo Platforms’ 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.
The blockchain powered platform provides 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 percent when measured by gross written premiums as a percentage of per-capita GDP.
Galileo Platforms supports retail insurance including medical, life, and general. Blockchain technology helps insurers and customers by removing the need for reconciliations and slow back-office processes, reducing cost and errors.