Insurance can be sold online in Philippines despite quarantine
The country’s regulator has said that non-life insurers can use digital channels to sell their products for the time being
Enhanced community quarantine (ECQ) was declared on the Philippines’ most populous island Luzon – which also happens to be the country’s economic and political hub – in March, and is currently projected to last until at least the end of April. But Dennis Funa, the Filipino Insurance Commissioner, has said that non-life insurers may make use of online avenues to sell coverage during that time. As the regulator pointed out, people still need insurance, and it is important to make it available while also ensuring that consumers are kept safe during the quarantine.
The regulator has also pointed out that the safety of insurance agents and company employees needs to be kept in mind, so that business continuity can be maintained in as controlled and hygienic a fashion as possible.
“Insurance companies may, during the ECQ period, use information and communications technology in their sales processes without the need of prior approval from the Insurance Commission,” said Funa. “[This technology] may include teleconferencing, video conferencing, computer conferencing or audio conferencing.”
Insurers will still need to register their activity with the Commission, Funa added, in order to ensure compliance and to aid in monitoring efforts.
As of today, the Philippines has the most coronavirus cases in southeast Asia, with 5,223 cases overall, including 335 fatalities and 295 recoveries.