We’re very pleased to announce a global first for the insurance sector. Galileo Platforms is the first company to have its advanced blockchain platform used by an insurer as its core policy administration system.
It follows Galileo’s tie-up with Singlife Philippines and GCash, the largest e-wallet in the Philippines, to launch a platform for life insurance products. Singlife Philippines, using Galileo’s scalable cloud-based blockchain technology, can potentially reach a very large and mostly untapped insurance market.
Galileo’s blockchain technology enables new business quotes, pricing, digital policy issuance, commissions and claims to be completed in real-time with a single, secure “source of truth” agreed by all parties. It reduces cost, complexity and errors. It creates an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records. And it supports all types of retail insurance – medical, life and general.
Two or three years ago, the idea of people in remote parts of the Philippines taking out insurance through blockchain technology would have seemed fanciful. But that is the reality now.