Insurance & Reinsurance 2022: Trends & Developments In The Philippines

Regulatory Sandbox Framework for Insurtech and Other Regulated Entities

Only a small sliver of the Philippine population, less than 2%, avails itself of insurance. This is one of the lowest rates in Asia. Access to mobile phones, however, is ubiquitous and, as such, insurance providers are developing mobile applications to serve, and attract, customers better. Further, because of the COVID-19 pandemic and with the institutionalisation of remote selling as a permanent mode of selling of insurance products in 2020, industry players are adopting various technological innovations to reach a wider customer base and to improve their products and services.

Insurtech – Easing the Burden of Approval