Diokno cites ‘keys’ to make insurance more accessible
DIGITAL transformation and ensuring fairness of insurance premiums are among the keys to increase insurance penetration in the country, Finance Secretary Benjamin Diokno said.
In his speech during the Insurance Commission’s (IC) 74th anniversary celebration at the Philippine International Convention Center on Friday, Diokno urged stakeholders to “find new ways” and make insurance products more accessible to all to encourage more Filipinos to have insurance protections.
“With new technologies, we can make our financial services more accessible, more efficient and more innovative. This will be instrumental in achieving greater financial inclusion across the nation,” he said.
To date, insurance penetration rate in the country is around 2 percent of the total population, needing the strong push to make insurance products more accessible and affordable.
Diokno also emphasized the need to “ensure the fairness of premiums collected.”
“These products involve computations that are not readily clear to the public. It is our responsibility to ensure that products sold to our consumers are fair and truly protect them,” he said.
Relatively, Diokno called on the insurance firms to “actively support” the Philippine Sustainable Finance Roadmap, which aims to ensure a climate-resilient and low-carbon future.
A regular assessment and review of IC rules and regulations was also raised to make these in line with international standards.
He said the Marcos government aims for a “society that is prosperous, resilient and fair,” which, he said, “requires trust and transparency.”
“The road toward this vision will not be easy, but it is doable. With your support, we have a chance of achieving deep socioeconomic transformation where individuals are secured and communities are resilient,” he added.