Orlando B. Vea (first from left) during a Smart product launch a few years ago. CONTRIBUTED PHOTO/www1.smart.com.ph
Global insurance giant Sun Life of Canada and local telecommunications giant Philippine Long Distance Telephone Co. have teamed up to develop financial technology or “fintech” services for emerging markets, starting with the Philippines.
The strategic partnership between Sun Life of Canada (Philippines) Inc. and PLDT group, through innovations arm Voyager Innovations and mobile provider Smart Communications Inc., was announced during the Mobile World Congress held in Barcelona, Spain.
The collaboration seeks to focus on weaving digital and mobile technologies into insurance services while using Voyager Innovations’ various digital platforms.
“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 could provide us with the fintech services that would enable us to extend our reach and allow us to further lead the insurance industry,” Sun Life of Canada Philippines president and CEO Rizalina Mantaring said.
“Sun Life is one of the largest and most trusted brands in the insurance industry and their experience will give this partnership great depth and reach. We see the vast opportunities that the insurance business can give to our fintech initiatives, part of our mission of enabling more financial inclusion in the Philippines and beyond, through digital platforms,” said Orlando Vea, president and CEO of Voyager Innovations.
The partnership comes at an opportune time for the insurance industry in the Philippines, where life insurance penetration remains low. The Insurance Commission (IC) is aiming to have 45 percent of the population covered by insurance by the end of 2016.
“With booming economy, young demographics and rapidly accelerating mobile Internet penetration in emerging markets such as the Philippines, a low insurance penetration rate translates to a huge opportunity for us to be able to offer radically innovative fintech services across the market. This collaboration with Sun Life is a step towards that direction,” said Lito Villanueva, managing director for fintech, digital inclusion and alliances at Voyager Innovations.