Galileo deploys blockchain with Singlife Philippines
Galileo Platforms is to roll out its blockchain infrastructure with a local insurtech in the Philippines to reach some of the most under-insured in the region.
Partnering with mobile-first life insurer Singlife Philippines and the country’s biggest digital wallet GCash, Galileo’s platform is poised to make health insurance accessible and affordable as the COVID-19 outbreak rages on.
Under the partnership, Singlife will become the first insurer in the world to leverage blockchain as the core policy administrator. The “radically new digital service” will transform Singlife’s ability to offer “easy, low-cost solutions”, says president and CEO Rien Hermans.
“That’s perfect for Singlife and perfect for under-insured markets such as this one,” he adds.
Reaching the under-insured
Insurance penetration in the Philippines is among the lowest in the notoriously under-insured APAC region: less than 1% when measured by gross written premiums as a percentage of per-capita GDP. The Philippines is also one of the biggest markets in the world for micro insurance, with a penetration of approximately 25% of the population.
Galileo Platforms is on a mission to change that.
“Two or three years ago, the idea of smallholder farmers in remote corners of the Philippines taking out insurance through blockchain technology would have seemed fanciful,” says Mark Wales, CEO at Galileo Platforms. “But that is the reality now.”
Galileo’s patented technology enables insurers to connect with customers, distributors, and other key players in real-time, using blockchain to provide a shared source of truth and eliminating the duplication of data. Removing outmoded legacy processes and systems will open the door to greater numbers of people across Asia.
"We’ve re-thought the approach to managing policies, coverage and premiums to create flexible products and straight through processing giving the customer a complete digital experience,” Wales adds.
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)