New Digital Mobile Product Aims to Redefine the Insurance Industry
Voyager Innovations and Sun Life came together at the Mobile World Congress in Barcelona and announced that they are partnering together to come up with more inclusive insurance offerings by creating digital and mobile insurance products.
This couldn’t come at a better time as financial literacy and insurance penetration in the Philippines is still relatively low. According to various studies only 3% of the total population of the country have insurance policies (a little less than credit card penetration). The program that Voyager and Sun Life are working on focuses on growing penetration by creating new products based on mobile and digital, making it more relevant, palatable, and reachable for Filipinos.
While there are no specifics yet on what the actual product is and who the product will be for, Sun life is banking heavily on this partnership to enable them to not just pivot into the digital age, but to hopefully redefine the insurance industry as a whole.
“We are set on redefining the insurance industry in this age of digital and we see this partnership with Voyager Innovations as a move towards being able to offer more innovative and financially inclusive insurance services through fintech. As the leading technology company for emerging market platforms, Voyager Innovations can provide us with the fintech services that will enable us to extend our reach and allow us to further lead the insurance industry.” – Rizalina Mantaring, Sun Life Philippines President & Chief Executive Officer
We were able to have a quick chat with the Voyager executive team here in Barcelona and they shared that more details about the actual offer will be revealed in March. This is definitely something interesting and worth watching because if there’s one industry that needs a major injection of digital and mobile innovation, it’s the insurance industry.