GCash, the undisputed leader and preferred mobile wallet in the Philippines, pursues its commitment to financial inclusion as it protects over 100,000 Filipinos against life and health-threatening conditions through GInsure.
Introduced just last year, GInsure is an insurance marketplace service available in GCash that lets customers purchase preferred insurance products with very competitive offerings starting at PHP 39 a month, and can be accomplished within just a few minutes. GInsure currently features insurance products from globally-trusted insurance brands AXA (through MicroEnsure) and Singlife.
As of late 2020, GInsure users enjoy a combined PHP 8.3 billion in benefits covered. The explosive growth in coverage shows the level of trust and acceptance Filipinos are showing towards GInsure and its partners.
“With the pandemic unfortunately continuing on in 2021, together with a myriad of other health and life-threatening conditions, insurance is a must,” said Martha Sazon, President and CEO of GCash. “GInsure democratizes insurance to Filipinos through a variety of very affordable insurance products, including protection from dengue & COVID-19, protection from income loss, and hospital coverage benefits.”
What separates GInsure from how traditional insurance products are offered is its affordability and ease of use, allowing customers to enroll in life and health insurance benefits through the GCash app or through SMS. Customers can conveniently buy, manage, and claim their Singlife policies through the GCash app, while MicroEnsure claims can be filed through email, ensuring an easy and seamless digital experience.
“We are very happy to see that more and more Filipinos are taking that step to protect what matters and taking charge of their health,” said AXA Philippines president and CEO Rahul Hora. “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.”
“Reaching this milestone is a testament of the commitment shared by GCash, MicroEnsure and AXA in helping the Filipino community. Providing simple and accessible insurance are the key ingredients in delivering a safety net to all Filipinos in these challenging times. Let’s continue to move forward and help other people everyday,” said Roger De Pedro, MicroEnsure General Manager. MicroEnsure powers the insurance offerings underwritten by AXA.
“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 Rien Hermans, Singlife Philippines CEO. “We made it our challenge to deliver protection products that are essential and affordable, without long explanations and stacks of paperwork. GCash has been a formidable partner in bringing these benefits to the attention of people who are open to manage their finances in the way of tomorrow.”
“The first results have been promising and we look forward to expanding our partnership with the GCash team in 2021 as we complete our full suite of protection products on GInsure, which include two income protection products and a comprehensive health insurance,” he added.
Insurance penetration in the Philippines is low. Only close to 40 million Filipinos have some sort of insurance as of 2019 according to the Insurance Commission, 22.8 million of which were made through microinsurance. With its target to achieve 50 million Filipinos to be insured by 2022, GInsure is helping accelerate the commission in reaching its goal.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store, Google Play, and App Gallery. For more information, kindly visit https://www.gcash.com/.
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