Rizal Commercial Banking Corporation (RCBC) has signed a Memorandum of Understanding (MOU) with regional insurtech firm Igloo to bring embedded digital insurance products directly into the bank’s mobile application.
With Malayan Insurance powering the collaboration, the partners aim to digitise insurance products within RCBC Pulz, the bank’s main digital platform.
According to the announcement, this integration will position RCBC Pulz as the first Philippine bank to provide an embedded digital insurance experience within its main banking app.
Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer, stated that the collaboration seeks to improve financial inclusion.
Lito Vilannueva
“Igloo’s insurtech capabilities perfectly align with our mission to expand inclusive digital financial services for Filipinos,” Villanueva said. “In a country where many remain uninsured, this initiative seeks to bring protection from gig workers to small business owners and even first-time savers.”
Igloo, a Singapore-headquartered firm with offices across Southeast Asia, plans to utilise artificial intelligence to enhance the user experience.
Raunak Mehta, CEO and Co-Founder of Igloo, commented on the technological aspect of the deal:
Raunak Mehta
“With our advances in AI, we hope to introduce AI-powered features like personalised product recommendations and intelligent claims processing, ensuring that insurance is not just accessible, but truly effortless for Filipino consumers.”
RCBC is an affiliate of the Sumitomo Mitsui Banking Corporation.
The bank has recently been recognised for its digital innovations, including its inclusion platforms DiskarTech and ATM Go.
