GCash is set to launch a new insurance package that is meant to empower businesses in the Philippines, particularly the micro-, small, and medium-sized enterprises (MSMEs).
Expected to be launched by the third quarter of this year, the new insurance package forms part of the in-app feature of GInsure, a digital, one-stop shop for all types of insurance requirements that anyone can easily access using the GCash app. It is also meant to cater to the evolving lifestyle and needs of Filipinos so they can avail of the lowest insurance premiums in the market starting at just P10 monthly.
“Coming very soon, we will be having GInsure for businesses. This is our way of enabling and empowering MSMEs so they can finally avail of insurance packages for their employees at a fraction of the cost with all the different plans and policies of our partners,” said Neil Trinidad, the new business head of GCash.
Aside from businesses, Trinidad announced that plans to offer insurance packages for travel, education, cyber protection, and value universal life (VUL) are now also underway.
GInsure currently offers products for health, lifestyle, personal, and vehicles that verified GCash users can readily purchase using the app.
Last year, GCash cited an “explosive growth” of insurance through the help of GInsure. The feature has since helped provide insurance products to about 100, 000 Filipinos, which amounted to total coverage of P8.3 billion.
According to Martha Sazon, President and CEO of GCash, this growth mirrors the fact that Filipinos have now started to accept and trust insurance.
Meanwhile, AXA Philippines, which underwrites the insurance policies of MicroEnsure, stated how GCash has broken misconceptions about insurance.
“Thanks to our partnership with GCash, more people are now getting over the notion that insurance is intimidating, expensive, or complex. Our alliance is proof that insurance can be affordable, simple, and easy to access,” AXA Philippines President Rahul Hora said.