Manila, Philippines – September 2023. In a bid to make fuss-free insurance available to more customers, personal finance marketplace Moneymax and digital life insurer Singlife Philippines team up to make financial protection more accessible through the Singlife Plan & Protect App.
The Philippines’ first and only life insurance mobile app, the Singlife Plan & Protect App enables users to build an emergency fund with a high-interest account, access a guided financial planning tool, and buy life insurance & investment products that can be customized, all within one app.
Easy Access to Financial Protection Through the Singlife Plan & Protect App
From left to right: Rozanne Magararu, Head of Direct to Customer, Singlife Philippines; Rien Hermans, CEO, Singlife Philippines; Prashant Aggarwal, CEO, MoneyHero Group; Jessica Faye Tan, Head of Marketing, Moneymax
The newly formed partnership is the first of its kind for both digital platforms. For Moneymax, it marks the launch of its Life Insurance offering in addition to its Travel Insurance and Fire Insurance pages, which were launched earlier this year.
“Through our strategic partnership with Singlife, we strengthen our commitment to expanding our offers and increasing awareness of digital insurance in the country. Moneymax and Singlife share the same mission of helping customers find financial products that best match their needs and budget, which is what this partnership is all about,” said Prashant Aggarwal, chief executive officer (CEO) of MoneyHero Group, Moneymax’s parent company.
For Singlife, the first purely digital life insurer in the Philippines, working with Moneymax means leveraging its platform to provide fuss-free financial solutions that in the past were only available through traditional means.
With Singlife Philippines’ insurance solutions, products to protect customers against the risks of high medical costs and income loss—as well as giving access to products to help them grow their savings for achieving their big life goals—are now within reach. Singlife Philippines is here to show every Juan (and Maria) that they can have financial control. Now, there is a better way to save, plan, and protect their financial future.
“Unexpected life events—such as disability or even death of the family breadwinner, or serious illnesses within the family—can drain a lifetime’s worth of savings and even worse, confront families with a high, hard-to-pay-back debt. For the Juans and Marias of today who work hard and plan to achieve their goals, we want to empower them—with the help of Moneymax—to take control of their hard-earned money. The Singlife Plan & Protect App can guide them through taking proactive steps to make sure they will always have money when they need it,” said Singlife Philippines CEO Rien Hermans.
Financial Behavior Shift Calls for Increasing Awareness of Insurance
The Bangko Sentral ng Pilipinas’ (BSP) 2021 Financial Inclusion Survey Report reveals that more income earners now recognize the need for insurance. However, 56% said they lack funds for it while 7% said they had not found the right product for their needs yet.
With more customers saving for emergencies and acknowledging the importance of insurance, there is a greater need for them to know their options, including financial tools like the Singlife Plan & Protect App. This insurance app lets users save for emergencies, plan their financial goals, and protect such goals with life insurance, investment, and savings solutions.
Moneymax is the largest personal finance marketplace in the Philippines with over 3 million monthly visits and serving over 60 million Filipinos. The company drives financial inclusion in the country through its free and impartial online platform that enables Filipinos to compare, apply for, and secure products such as car insurance, credit cards, and loans. Users also receive exclusive rewards on every qualified transaction made through Moneymax.
Promoting financial literacy is core to Moneymax’s mission, and it does so through educational content on its blog, email, and social media channels.
Established in 2014 as part of MoneyHero Group (formerly Hyphen Group or CompareAsia Group), Moneymax is registered with the Securities and Exchange Commission under the legal name Moneyguru Philippines Corporation.
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About MoneyHero Group
MoneyHero Group is a market-leading financial products platform in Greater Southeast Asia, reaching 9.8 million monthly unique users and working with more than 270 commercial partners across five markets including Singapore, Hong Kong S.A.R., the Philippines, Taiwan, and Malaysia.
Learn more about how MoneyHero Group uses the power of innovation to build a better future for its customers, people, and partners at www.moneyherogroup.com.
About Singlife Philippines
Singlife Philippines is a mobile-first life insurance company with strong links to Singapore, South East Asia's digital technology hub.
Based on a long experience in the life insurance industry, Singlife was founded to provide a better way to save for, plan and protect the financial future of the middle-income class. Using modern-day technology to provide insights, guidance, and fulfillment via mobile devices opens the opportunity for every Juan and Maria to fit the right financial solutions to their needs and budget. Singlife supports its clients to ensure money is there when needed: whether for emergencies, loss of income, high medical bills, or to grow funds for future goals like education or retirement.
Singlife Philippines secured its license to operate from the country's Insurance Commission in February 2020. It first started offering its products through a partnership with the country's leading e-wallet GCash on August 24, 2020. In March 2023, the company launched the Singlife Plan and Protect App.
To learn more about Singlife Philippines, visit www.singlife.com.ph.
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