Manulife Philippines was named chair of the newly-formed InsurTech Committee of the Fintech Philippines Association (FinTech PH).
FinTech PH Executive Director Amor Maclang shares that the InsurTech Committee was created with the following objectives:
- Improve insurance penetration in the Philippines;
- Promote collaboration among industry players and with regulators to explore non-traditional platforms, processes, and products for customers;
- Help embrace a culture of innovation among stakeholders.
As head of the InsurTech Committee, Manulife Philippines aims to bring together various stakeholders, including insurers, regulators, insurance advisors and customers, to make insurance accessible to more Filipinos. Manulife hopes to achieve this by leveraging its regional and global presence to provide access to actionable information, exploring joint industry research and studies, and using technology to foster financial awareness and promote the importance of insurance.
“There is a lot of room to grow in the insurance industry. According to the Bangko Sentral ng Pilipinas’ Financial Inclusion Survey,[1] only 18% of the Filipino adults have insurance protection. Because of this, we want to develop and promote innovative solutions to enable more Filipinos to plan for their future and live better lives,” said Melissa Henson, Senior Vice President and Chief Marketing Officer of Manulife Philippines. “At Manulife, we are using technology to better connect with our customers, make it easier for them to access their accounts, invest in funds, facilitate the process of applying for policies, and improve their overall experience with us. We are pursuing these innovations not for the sake of disruption, but to make insurance easy for our customers.”
Manulife’s appointment was announced at Fintech PH’s recent mixer which saw top executives from some of the country’s most innovative companies sharing insights and best practices on building a culture of innovation, digitizing payments, and introducing products and services that leverage technology.
FinTech
PH is a non-profit association representing and promoting the Philippines as a
global leader in FinTech innovation.
