Blockchain technology has come a long way since its inception with the concept of having being adopted by multiple industries of late. from being shunned because of its association with cryptocurrencies, blockchain technology has made a name for itself for being fast and secure.
The blockchain industry got one more win recently when major insurance player Singapore Life Phillippines announced that they would be adopting the blockchain solution provided by Galileo Platforms. The tie-up will also involve G-Cash, a native e-wallet provider that will work towards providing low-cost life insurance on the blockchain.
The Philippines was seen as a lucrative market because of the growing number of users on the smart banking systems. Reports have also shown that the gross written premium in the country represents less than 1 percent of per capita gross domestic product. The focus on developing countries has increased recently and that is mostly because these regions make up for more than 50 percent of global premium growth.
Speaking about the partnership, Singlife Philippines President and CEO said:
“Galileo technology is built for digital and for scale, offering easy low-cost solutions. That’s perfect for Singlife and perfect for under-insured markets such as this one.”
Insurance pathways require a more concrete foundation that would stop any form of fraudulent activity. This is the area where blockchain technology shines, as the single truth concept of the system will hinder any changes to core data. It is a known fact that many insurers are still struggling to become digital as they are constrained by legal processes and systems. Galileo Platforms has assured its users that the low-cost, high-efficiency technology enables the whole life cycle of insurance transactions.
The company has said that they will first start with life insurance after which there are plans to diversify into medical and general insurance. Singapore has witnessed a surge of new companies in the cryptocurrency industry and it is all due to the laws and regulations. The Monetary Authority of Singapore has made it clear that it will follow all rules and procedures before letting a new crypto company establish itself.