Driving Broader Insurance Access for Filipinos through Insurtech
Read Pru Life UK’s commissioned independent policy paper on how insurtech, defined as new technologies with the potential to bring innovation to the insurance sector and impact the regulatory practices of insurance markets, can help broaden Filipinos’ access to insurance products and services.
As early as in 2014, the Insurance Commission introduced rules and regulations governing the electronic commerce of insurance products. Since then, the use of insurance technology in the Philippines has steadily progressed.
In this timely paper, one of the country’s leading law firms Romulo Mabanta Buenaventura Sayoc & De Los Angeles reviews the current regulatory framework for insurance technology and looks into how regulations can increase insurance penetration by allowing new modes of insurance intermediation and distribution.