IC chief encourages insurance partnerships with fintech
It’s the way to get more Filipinos into investing.
Insurance Commissioner Dennis Funa has told insurance companies to look beyond their own operations in order to keep their industry growing.
In a speech before the 19th Asia Conference on Bancassurance and Alternative Distribution Channels, Funa encouraged insurance firms to tap more partners and explore new alliances just to further the growth in premiums and insurance coverage.
By collaborating with innovators and by integrating new technologies, the growth of bancassurance will be sustained and would lead to its transformation. With the dawn of virtual banking, we are expecting to see the digital transformation of bancassurance,” Funa said.
“With the rapid development and transformation on thedelivery of financial products brought about by technological advances, the lnsurance Commission, as a regulator, is conscious that there would be a need for either a new or flexible approach to regulation.”