Digital tools aid but fail to close inclusivity gaps

Inclusivity is not just about access, but also about financial sophistication.

The Philippine insurance industry is grappling with the urgent need to modernise through digitalisation and inclusivity, whilst combating a steep decline in market penetration, now below 2%, and navigating increasing demands for sustainability and better consumer education.

Improving access

In a panel session about the future of the insurance industry, experts told the 286 attendees at the Asian Banking & Finance and Insurance Asia Summit, held on 1 October at the Makati Shangri-La, Philippines how digital transformation, inclusivity, and sustainability are reshaping the sector.

As Caesar V. Parlade, managing partner for Advisory and Digital Transformation Solutions, Reyes Tacandong & Co, the panel moderator, pointed out, technology is not just a tool but a fundamental change in how companies operate. "We've seen a continuing trend towards digital transformation and how that is impacting the expectations of our customers," he noted.

Lester Cruz, chief executive officer (CEO) of Singlife Philippines, emphasised that for an all-digital, mobile-first company like Singlife, speed and customer experience are non-negotiable.

“Solutions and any engagement that needs to be done with the customer have to be instant,” he said.