An insurance executive expressed confidence that rising public demand in purchasing protection goods, particularly during…
Diokno calls for a digital transformation of the insurance industry.
According to Benjamin Diokno, the finance secretary, one of the keys to increasing insurance penetration in the nation is to ensure fairness of insurance premiums.
Diokno urged stakeholders to “find new ways” and make insurance products more accessible to all in his speech at the Insurance Commission’s (IC) 74th-anniversary celebration on Friday at the Philippine International Convention Center (PICC). He did this to encourage more Filipinos to have insurance protections.
“With the help of new technologies, we can improve the accessibility, effectiveness, and innovation of our financial services. Increasing financial inclusion across the country will be made possible by this, he said.
There needs to be a major push to increase the accessibility and affordability of insurance products because the country’s insurance penetration rate is now only 2% of the total population.
The necessity to “guarantee the fairness of premiums collected” was another point Diokno highlighted.
Some products entail calculations that are not immediately obvious to the general audience. It is our obligation to guarantee that the goods we provide to our customers are just and actually protect them, the speaker stated.
Diokno subsequently urged the insurance companies to “actively support” the Philippine Sustainable Finance Roadmap, which aims to secure a climate-resilient and low-carbon future.
To bring IC rules and regulations into compliance with worldwide standards, the issue of routine assessment and review was also brought up.
According to him, the Marcos administration wants to create a “society that is prosperous, resilient, and fair,” which calls for trust and transparency.
“Although it won’t be simple, achieving this objective is possible. We have the potential to achieve a profound socioeconomic revolution with your help, where people are secure and communities are resilient,” he continued.***
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