Tapping tech to drive insurance sector's growth

MANILA – An executive of the Insurance Commission (IC) has highlighted the importance for insurance companies to leverage on technology, among others, to boost their sales during the pandemic and drive the sector’s growth.


In a webinar jointly hosted by the Department of Finance (DOF), IC, and SGV & Co. on Tuesday, IC Deputy Commissioner Ferdinand George Florendo said tapping technology would be “very advantageous” for insurance companies not only for data but for sales.

“People are now risk-averse and would prefer, sometimes, to also deal using technology,” he said.


This change has been cited by several insurance company executives in the past, noting the faster they adapt to this change, the better their processes and sales would improve amid the new normal.


Florendo underscored the need for companies to hike market awareness for risk.