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Non-life insurers also allowed to sell products via ICT platform

Mary Grace Padin (The Philippine Star) - April 12, 2020 - 12:00am

MANILA, Philippines — Non-life insurance companies are now allowed to utilize information and communications technology (ICT) to sell their products during the Luzon-wide enhanced community quarantine to contain the spread of the coronavirus disease 2019 or COVID-19.

Insurance Commissioner Dennis Funa allowed non-life insurers to launch initiatives to sell their products via remote communication through the use of ICT or other technologies.

“Insurance companies may, during the ECQ period, use ICT in their sales processes without the need of prior approval from the Insurance Commission. ICT may include teleconferencing, video conferencing, computer conferencing or audio conferencing,” he said.

However, Funa said these firms are required to register their initiatives with the Insurance Commission to ensure compliance with regulations and for monitoring purposes.

“During this difficult time as we are continuing the battle against COVID-19, one of the immediate concerns is to make insurance products available and accessible to the public. Now, more than ever, the importance of continuous provisions of the benefits of insurance protection to the public cannot be overemphasized,” Funa said.

“Another immediate concern is to protect the health and safety of the employees of the insurance companies and insurance agents as they strive to maintain business continuity.”

INFORMATION AND COMMUNICATIONS TECHNOLOGY
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