21 0 0 1 month ago 4 min to read

Diokno calls for a digital transformation of the insurance industry.

Cebuano Cebuano English English Filipino Filipino

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.

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:

1.) ❤️Give a Tip. If you would like to make a small donation to support us, please give a tip thru PayPal at https://paypal.me/SocialBoostVA😊❤️

Subscribers in the Philippines can make donations to mobile number 0917 906 3081, by using the GCash website or GCash mobile application.

2.) Be one of our SPONSOR. We can published your promotions, PR stories/news articles with contact details as an additional exposure of your company products and services.

3.) 👍 Give this news article a Thumbs Up, Leave a Comment (at Least Five Words), and Share!


Cebuano Cebuano English English Filipino Filipino

Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x