FINANCIAL technology (fintech) player GCash said it has helped provide 100,000 Filipinos with insurance products, which now amount to a total coverage of about P8.3 billion.
In a statement, GCash President Martha Sazon described this feat as an “explosive growth” which, she said, reflects that Filipinos are now growing more accepting and trusting of insurance.
“With the pandemic unfortunately continuing on in 2021, together with a myriad of other health and life-threatening conditions, insurance is a must. GInsure democratizes insurance to Filipinos through a variety of very affordable insurance products, including protection from dengue and Covid-19, protection from income loss, and hospital coverage benefits,” she said.
GInsure is an in-app feature that allows GCash users to purchase insurance products offered by Single and MicroEnsure.
“With our partnership with GCash, more people are getting over the notion that insurance is intimidating or expensive or complex. Our alliance is proof that insurance can be affordable, simple and easy to access,” AXA Philippines President Rahul Hora said.
AXA underwrites the insurance policies offered by MicroEnsure.
“Partnering with GCash enabled Singlife to reach millions of Filipinos almost instantly, giving them access to meaningful protection products without breaking the bank in a modern, fuss-free manner,” said Singlife Philippines CEO Rien Hermans.
In the Philippines, only close to 40 million Filipinos have insurance policies, and 22.8 million of which were made through microinsurace. The Insurance Commission targets to bring this number to about 50 million by 2022.