Singlife, AEV to offer digital life insurance
A dining hub with all the food brands of leading casual dining Max’s Group, Inc. (MGI) has opened in Cubao yesterday, a statement showed.
Called the Main Avenue, the dining hub is particularly located at the intersection of EDSA Southbound Lane and Main Avenue in Cubao, Quezon City and will house diverse array of MGI’s portfolio including Max’s Restaurant, Yellow Cab, Pancake House, Krispy Kreme, Jamba Juice, and Teriyaki Boy.
MGI Group Chief Operating Officer Ariel P. Fermin said the company now “foresees massive commercial gain due to increased efficiencies and synergies” because of the recent opening of Main Avenue.
“Ultimately, this convergent hub will accelerate both our operational and brand leadership in a highly competitive, fast-paced local food industry,” he said.
Aside from flexibility in providing diverse options within the Group’s portfolio, the multi-brand hub also advocates for operating efficiency through its one shared back kitchen—a first for its multibrand sites.
It also sets a benchmark in adapting environment-friendly technologies in the current casual dining landscape.
With a total area size of 1,445 square meters and maximum seating capacity of 281, the Main Avenue site was designed and
Aboitiz Equity Ventures, Inc. (AEV) and Singapore Life Private Limited (Singlife) have teamed up to establish a new digital life insurance company in the country.
In a disclosure to the Philippine Stock Exchange, AEV said the joint venture, Singlife Philippines, is majority owned by Singlife (65 percent) with partners Di-Firm (20 percent), and AEV (15 percent).
Singlife Philippines aims to make insurance and financial products more accessible to Filipinos nationwide.
“With Singlife’s unique fintech expertise in digitalizing life insurance offers and AEV’s strategic position across industries in the local market, Singlife Philippines is poised to claim its share in the local life insurance market,” AEV said.
According to the Philippine Insurance Commission, the life insurance market has shown significant growth over the past five years with total premium income growing 9 percent per engineered to save energy and mitigate flood, especially considering the Philippines’ vulnerability to such natural disasters as typhoons.
Solar panels spread throughout the compound’s roofs will contribute to the overall reduction of carbon footprint, partnered with high-efficiency LED lighting.
“Propelling MGI’s future entails safeguarding and evolving our brands’ heritage through forward-looking strategies,” said MGI President and Chief Executive Officer Robert F. Trota.
“As we usher in a new decade, launching this Main Avenue multi-brand site cements our stakeholder commitment to strike a balance between both continuity and renewal, powering our growth through the one-of-a-kind convergence we believe only MGI can offer through its brands mostloved by Filipinos,” he added.
Additionally, waste management components such as a sewage treatment plant for high performance cleaning with low operating costs, and an MRF (Materials Recovery Facility) for recycling waste are also part of the hub’s operations.
To ensure the comfort of diners while still being sustainable, dining areas are supplemented with wide trellises to reduce dependencies on high-powerconsumption air conditioning. Low-VOC (Volatile Organic Compound) plants also surround the hub in order to aid in purifying the air. annum and sales of new policies growing at approximately 15 percent per year.
However, the penetration of individual life insurance is still low at around 6 percent of the insurable market.
This is expected to increase to 12 to 18 percent in the medium-term, fueled by an emerging segment of people purchasing policies for the first time.
A substantial part of this segment consists of people between 25 to 50 years old, with net income between ₱25,000 to ₱50,000 per month and a preference for online and mobile services.
For this new generation of mobile-first consumers already booking rides and purchasing everyday goods online, Singlife Philippines believes it can also fulfill their financial planning needs through a mobile app.
Singlife Philippines’ vision is to unlock the potential of money for everyone by offering innovative financial solutions that help people manage, grow and protect their money distributed according to their preferences.