Demonstrating its commitment to advancing the insurance industry through technology and innovation, Etiqa Philippines, led by its President and Chief Executive Officer Rico T. Bautista, recently urged attendees of the Philippine Insurtech Festival to leverage tech-driven solutions to enhance the insurance acquisition process, reach more Filipinos nationwide, and serve customers better.
Rico Bautista (with mic), President and CEO of Etiqa Life & General Assurance Philippines
Addressing festival attendees and fellow stakeholders, Bautista emphasized the importance of espousing a technologically driven mindset, saying, “We need technology so that we can distribute our products better, serve our customers, and continue to grow our business. In our own company, we ensure that everyone would be open to change, especially as far as technology is concerned.”
With over 60 years of experience, Etiqa Philippines is increasingly harnessing digital solutions to address challenges related to the accessibility, perception, and affordability of insurance solutions.
The company is committed to empowering Filipinos from every segment of society to achieve financial security through technology and innovation.
Anchored on the transformative intersection of insurance and technology, the Philippine Insurtech Festival brought together members of PLIA and the Philippine Insurers and Re-insurers Associations, Inc. (PIRA), insurance professionals, and innovators to explore technological developments shaping the country’s insurance industry today.
Future-proofing the insurance industry through tech
Held during the Digital Pilipinas Festival 2 x Festival of Festivals, it included a panel discussion led by thought leaders and industry experts on how to future-proof the insurance industry through tech and innovation collaborations, as well as a fireside chat focused on enabling insurtech in the country through education.
Etiqa’s Bautista also highlighted the significance of taking part in an ecosystem such as the one initiated by Digital Pilipinas, the organizer of the Digital Pilipinas Festival 2 x Festival of Festivals and the largest private sector-led movement for creating an innovation and technology ecosystem and is the pioneering ecosystem-builder in ASEAN that is actively engaged and synergized in a global digital economy.
“When we come together and attend a festival like this, we actually see that we are not alone in what we are doing. We also see that we are part of a bigger ecosystem,” Bautista shared.
“We could be an insurance company, but we know that we have other partners and we rely on other industries so that we can complete the ecosystem. In that ecosystem, technology will again play an important role,” he added.
Showcasing its adaptability and responsiveness to the needs of emerging and underrepresented markets, Etiqa Philippines awarded 50 Personal Accident insurance policies to esports players and creative economy gigsters during the Esports and Creative Industries festival as part of the Digital Pilipinas Festival 2 x Festival of Festivals.
Streamlining the process through innovative digital touchpoints
As the country’s leading advocate of insurtech, Etiqa Philippines aims to deliver an outstanding customer experience by simplifying the insurance journey for Filipinos from all walks of life through technology. Traditionally, access to insurance services typically involved face-to-face meetings with agents, printed forms, phone calls, and lengthy email exchanges.
Etiqa Philippines has since streamlined this process by introducing innovative digital touchpoints that enable members to access insurance services such as policy inquiries, claims processing, and general assistance with a single click.
Amor Maclang, Digital Pilipinas Convenor and GeiserMaclang Co-founder, helped shed light on the movement’s broader mission saying, “When people ask us what we do, it is all about creating enabling ecosystems that allow for the various industries to digitalize, working closely with the government and the private sector.”
Sharing her interest in the insurance industry, Maclang noted, “If there is one thing I have learned from the many players in the insurance industry, it is that you do not have to be fully digital to be truly digital. A lot of that has to do with the openness to collaborate and work with the ecosystem.”
With the theme, “World: Meet ASEAN in a Digital Pilipinas: the Philippines as a Digital Bridgeway to ASEAN and the world,” the Digital Pilipinas Festival 2 x Festival of Festivals was a weeklong festival that brought together tech and innovation leaders, industry experts, government regulators, country partners, sectoral representatives, and investors all in one venue to discuss how technology can solve the country’s most pressing issues today.