- Digital Pilipinas organized a roundtable discussion with industry leaders and stakeholders from insurance and health sectors to emphasize sustainability and innovation
- Leaders discussed growth potential, PLIA’s digital customer experience commitment, industry shift to online insurance sales, global InsurTech market growth projections, and mWell’s integrated health platform.
- The event also presented preliminary findings from The Voice of Digital Pilipinas survey, indicating high trust in government agency applications.
When health and insurance meet technology, sustainability and innovation in the industry are expected to grow. This is the highlight of the recent roundtable discussion organized by Digital Pilipinas and attended by some local industry leaders and key stakeholders in the space.
Digital Pilipinas Roundtable
The discussion, which was led by the Philippine Insurers and Reinsurers Association (PIRA), the Philippine Life Insurance Association (PLIA), and the Philippine Insurtech and Healthtech Association (PIHAI), circled around the potential for growth in the InsurTech and HealthTech sectors, as well as the need to support local players.
Their key points included PLIA’s commitment to providing a digital customer experience, the industry’s shift to online insurance sales, the potential for growth in the global InsurTech market, and mWell’s integrated health platform.
mWell claims to be the first fully integrated digital health and wellness platform in the country.
Innovation and Sustainability Efforts
Moreover, the panel also shared their recent initiatives and plans for the improvement of the sectors.
“By fostering cooperation among sector leaders, key players, and advocates, a more inclusive and sustainable Insurtech and Healthtech industry can be achieved for the benefit of Filipinos. When insurance, health, and technology converge, they have the potential to bring about positive change in society and contribute to nation-building,” Digital Pilipinas wrote in a statement.
This was supported by Inypay Founder and CEO Arivuvel Ramu, who cited that the global InsurTech market was worth $83 billion in 2022 and is expected to grow to $118 billion by 2028. He also noted that the microfinance sector alone is expected to grow from $3 billion in 2022 to $8.4 billion by 2028.
Meanwhile, for Rico Bautista, the president of PLIA and the CEO of Etiqa Philippines, Environmental, Social, and Governance (ESG) is important, and digitalization can help promote its initiatives. He then shared his desire to make his company at the forefront of this movement.
In addition, PLIA General Manager and Data Protection Officer George Mina remarked on the significant changes in the insurance industry amid digitalization:
“The most significant is being able to sell life insurance on a digital basis. It used to be a face-to-face thing. If you look at the websites of life insurance companies, they’re getting more and more personalized (in terms of) branding of digital assistance.”
On the other hand, Metro Pacific Health Tech mWell Chief Marketing and Commercial Officer Gary Dujali discussed the company’s initiatives to support the growing HealthTech industry in the country as a fully integrated and fully digital health and wellness platform.
According to him, as their firm aims to bridge the digital divide by providing a convenient and accessible way to access healthcare, their application offers an experience that allows users to select a doctor, buy medicine, and have it delivered to their house.
Further, DP Convenor Amor Maclang emphasized the need to support local players in the InsurTech and HealthTech sectors, as these sectors are “two of the very important work streams of Digital Pilipinas.”
“Health and insurance are two very important aspects of our work. We will be having a series of programs for both HealthTech and InsurTech and grow these industries domestically,” Maclang emphasized. “We are working on a possible execution of smart contracts and blockchain in the insurance space.”
The convenor also added that for the Digital Pilipinas Festival and Philippine FinTech Festival in November, there will be a pitch fest and hackathon to encourage InsurTech founders from the Philippines and ASEAN. She stated that the initiative aims to promote local InsurTech startups, as most of the players in this sector are foreign.
The Voice of Digital Pilipinas Survey Results
The event also served as a platform for discussing the preliminary research findings of The Voice of Digital Pilipinas, which revealed that government agencies are the most trusted platform for mobile applications. This is followed closely by applications from e-wallets and bank applications. The research focused on cybersecurity and data privacy.
“This serves as an opportunity for the Philippine government. The trust factor is really high, with 3/5 Filipinos preferring government agency applications. This is followed distantly by applications from e-wallets and bank applications,” Tangere CEO Martin Penaflor commented.
The Voice of Digital Pilipinas is a collaborative effort between DP, Global Fintech Institute, and Tangere that seeks to provide Filipinos with a democratic voice.
Recently, local bank BPI and Digital Pilipinas introduced the TrustTech Movement to bolster cybersecurity in the Philippines. TrustTech aims to promote a nationwide strategy against cyber scams, enhance public awareness, and enforce safeguards for businesses and consumers.
This article is published on BitPinas: DP Roundtable: Tech Leaders Spotlight Health, Insurance Advances
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