MANILA -- Insurance firm Singlife is eyeing a double digit growth rate in the number of policies it will issue next year.

• More Filipinos prioritizing insurance despite 'tug of war' in spending

In a press briefing Wednesday, the digital life insurer said they have issued close to a million policies in its first two years.

"Our ambition is big," said Sherie Ng, Singlife Philippines co-founder. "And we feel like if you look at the penetration, being under 2 percent, I think that is a significant role we can play in this community to ensure that every Filipino gets basic financial protection," she said.

"So we are very excited, very optimistic that Filipinos welcome this new way of securing this future for [themselves] and their families."

According to data from the Philippines' Insurance Commission, insurance penetration in the country reached 1.68 percent as of September 30, 2023, down from 1.81 percent in the same period in 2022.

To boost the number of Filipinos with insurance policies, Singlife is offering a Christmas promo that allows Filipinos to start their emergency fund with a P250 deposit on the Singlife PH app. Under the promo, they will receive another P250 cash credit.

This amount will then grow at a tax-free 5 percent interest rate, and give clients instant life insurance coverage worth three times their monthly income.

Their app also offers insurance products that protect customers from income loss and medical costs, and help them start investing.

Ng said they are working aggressively with partners like GCash, UnionBank, and KonsultaMD to get more Filipinos onboard.

"Filipinos are accepting," Ng said. "We still have a journey to go...in penetration, still gives us a lot of opportunity to work together."

Ng also said they are working hard to educate more people to help them understand the value of having an insurance policy.

"Digitalization is meant to provide convenience and a lot of people do come on and buy very affordable solutions." she noted.

"But I believe that in the economy and the stages of our community here in the Philippines today, to us, Singlife, we believe in a hybrid approach. While digital gives you the best platform, customer experience that’s omnichannel, we...communicate with our customer, we meet you when you buy, we are there with you throughout your life stages," she explained.

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