Galileo’s blockchain turns insurance in the Philippines to a new chapter

Galileo’s blockchain turns insurance in the Philippines to a new chapter

Insurance blockchain has finally entered the Philippines.

Galileo Platforms, the alumnus of Cyberport Incubation Programme, has just deployed their advanced insurance blockchain solutions for Singlife Philippines. The new platform for life insurance products is a collaboration between Galileo, mobile-first insurer Singlife Philippines and GCash, the largest e-wallet in the Philippines.

Galileo’s patented, scalable cloud-based blockchain technology enables Singlife to bring affordable insurance to the under-insured with high efficiency and at a low cost.

By digitising and ‘blockchain-ising’ the whole operation, Singlife can complete new business quotes, pricing, policy issuance, administration, commissions and claims in real time. Because everything is digital, Singlife can also create new insurance products flexibly. All transactions, customer and policy records are maintained on a single, secure, immutable “source of truth” agreed by all parties, thereby obviating the need to maintain duplicated sets of data and records and also speeding up the entire life-cycle of insurance transactions.

The introduction of mobile-first insurance to the Philippines is especially timely and important, as the country's insurance penetration is among the lowest in the region, and that demand for health insurance products is climbing in the wake of COVID-19.

Galileo is now looking to replicate the Pinoy experience elsewhere. Their blockchain technologies are applicable to all types of retail insurance – medical, life and general, enabling insurers to deliver revolutionised client experiences and accessible insurance products to more people in Asia and in the world.

Eric Chan, Chief Public Mission Officer of Cyberport, said: “We are proud of Galileo for achieving this vital business expansion and collaboration with two FinTech pioneers in the ASEAN market. Blockchain plays a critical role in the digital transformation of the insurance industry with its immutable and highly transparent characteristics. With blockchain being one of its key technology clusters, Cyberport is the destination for insurers and industry players looking for blockchain adoption to source both ready-made and tailor-made innovative solutions. Galileo’s success exemplifies the sophistication and exportability of Hong Kong start-ups solutions. In their new setting, they will be able to improve the operation efficiency of the insurance industry and unveil recently hidden markets.”