Most insurance blockchain solutions focus on narrow use cases. Imagine what’s possible if the core policy administration was on blockchain? What sort of cost advantages would that bring? What new types of policies would be viable that were previously ruled out because of overheads?
Singapore Life Philippines is adopting Galileo Platforms‘ blockchain solution in conjunction with e-wallet provider G-Cash to offer low-cost life insurance in the Philippines. The country is seen as an untapped opportunity because gross written premiums represent less than 1% of per capita GDP. And it’s particularly ripe for selling life insurance given fears over COVID-19.
McKinsey recently found that developing economies now account for more than half of global premium growth.
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