AN insurance technology (insurtech) startup plans to launch an online marketplace for insurance products to provide Filipinos with “democratized access” to insurance and help the Philippines keep up with global average data.
Hamilton Angluben, founder of online insurance marketplace Kwik.insure, said his group plans to soon offer various insurance products such as health, life, travel, mobile, and automotive through partnerships with various insurers in the country.
“Our plan is to make an insurance platform that is easy and reliable for both consumers and insurance companies. We are already receiving positive feedback from insurance companies such as Sun Life, who is excited to partner with us,” he said.
Angluben, the former general manager of digital financing app Cashalo, added that his group’s strategy is to help uplift the insurance industry through technology, education, and collaboration.
“Kwik.insure will help digitalize insurance, just as Cashalo had done for financing. Our marketing efforts will be focused on educating Filipinos about the benefits and need for insurance. We will be partnering with all insurance companies that want to innovate and digitize their products as well as working closely with the Insurance Commission to ensure proper regulation and compliance,” Angluben said.
The platform will be launched “in the fourth quarter” of 2020 and is open to onboarding more insurance providers to provide an expanded offering to Filipinos. The platform allows consumers to search, compare, and purchase different insurance offerings through a “simple and intuitive user interface.”
Angluben said insurtech could help bridge the gap between those who are insured and those who are not.
He cited data from Swiss Re Institute, which showed that the world average for insurance density (insurance premiums per capita) is at $682, while insurance penetration (premiums as a percentage of gross domestic product) is at 6.09 percent.
Meanwhile, the Philippines, according to latest data from the Philippine Insurance Commission, only has an average insurance density of $55, while insurance penetration is at a measly 1.67 percent.
“The Philippines has such a long way to go. To be at par with the rest of the world, we need to grow by 1,100 percent and 300 percent in terms of density and penetration, respectively. Insurance has the stigma of being expensive, complicated, and hassle to purchase. It is a huge challenge but therein lies the opportunity also for innovation. With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” Angluben said.
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