by Leira Mananzan, Reporter
The landscape of insurance in the Philippines is undergoing a dramatic transformation, powered by a surge of InsurTech (insurance technology) startups and the rapid digitalization of financial services.
Traditionally, insurance was often dismissed by many Filipinos as a luxury or as a complex product out of reach for everyday citizens. Today, thanks to technology-driven innovation, affordable and accessible micro-insurance solutions — especially via mobile — are rewriting this narrative for millions nationwide.
The rise of InsurTech in the Philippines
The obstacle: Low penetration and traditional barriers — Despite years of economic growth, insurance penetration in the Philippines remains low, sitting below 2 percent of the population. Core obstacles have included high premiums, lengthy application processes, lack of awareness, and the perception that insurance is only for high-income earners.
However, the proliferation of smartphones, rising digital literacy, and the government’s push for financial inclusion have given InsurTech firms fertile ground to break down these barriers and serve the vast, underserved segment of the population.
How mobile InsurTech is making coverage accessible
E-wallets leading the charge: The example of GCash — At the forefront of this revolution is GCash, the country’s leading mobile wallet. Since the launch of its insurance arm GInsure in 2021, GCash has issued over 51.4 million insurance policies, covering more than 14.6 million Filipinos as of Q1 2025. This scale is unprecedented in local insurance, especially as GInsure’s offerings are embedded directly within the popular GCash app used by over 60 million users.
GInsure provides access to over 48 different insurance products, spanning health, life, accident, goals, travel, occupation, business, vehicle, property, pets—even digital fraud protection for transactions. Products are designed for micro-protection: monthly premiums can be as low as PHP 30 for scam insurance, or for health and accident packages that cover up to PHP 30,000 in benefits. The integration with day-to-day financial activities—like mobile load purchases—further boosts accessibility, as GCash recently bundled free accident insurance with every load purchase through its “Buy Load Plus Health Insurance” campaign.
Winsley Bangit, GCash VP and Head of New Businesses, sums up the mission: “We are humbled to come to the aid of Filipinos looking for a more affordable and accessible way to protect themselves and their loved ones today and in the future…”.
Microinsurance and embedded protection
What makes InsurTech innovations revolutionary is their focus on making insurance almost invisible, built into everyday digital and financial experiences. Microinsurance is a game-changer for low- and middle-income segments: users can get coverage for short durations, specific events, or even for individual purchases. For instance, GInsure’s microinsurance protects buyers from scams for just 30 pesos monthly.
Platforms like Igloo, a full-stack regional insurtech, are enabling microinsurance for gig economy workers, e-commerce transactions, and small businesses through partnerships with leading brands and digital platforms. Igloo has facilitated over 60 million protection plans, focusing especially on traditionally uninsured Filipinos such as MSMEs, riders, and online shoppers. Their partnerships with GCash, Shopee, and various insurers make insurance products available as add-ons when paying bills, shopping online, or accessing loans.
Tailoring coverage to modern digital needs
In the digital era, risks change quickly: people worry as much about cyber-fraud or a cracked phone screen as they once did about fire or natural disaster. InsurTech players have responded with customized insurance for:
- Digital Fraud Protection: Covering scam-related losses during digital transactions.
- Gadget Protection: Insurance plans for cracked screens and device mishaps, offered via partners like Etiqa and Igloo for as low as PHP 21 monthly.
- Income Protection for the Gig Economy: Specialized accident and health cover for delivery riders and freelance workers.
- Agriculture and Livestock: Tailored protections for smallholder farmers, accessible via digital platforms.
These insurance products can be purchased in real time—no paperwork, no physical offices, no waiting.
Regulatory and ecosystem support
The Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission have supported InsurTech innovation by encouraging digital platforms and streamlining approvals for new, tech-driven products. As a result, the Philippines is now a hot spot for InsurTech investments and partnerships, with leading local and international firms viewing the archipelago’s huge uninsured population as a key growth opportunity.
Success in numbers and inclusive impact
- 51.4 million policies issued by GCash’s GInsure since 2021
- 14.6 million unique Filipino users with some form of insurance via GCash as of 2025
- 48+ insurance products on GInsure, covering traditional and modern risks
- 60 million protection plans issued by Igloo, focusing on the underinsured
Microinsurance is no longer just a concept but an everyday reality for not only metro dwellers but also provincial residents, many accessing financial protection for the very first time.
Challenges and the road ahead
InsurTech’s potential is vast, but challenges remain.
- Education: Continuous efforts are needed to educate Filipinos about the benefits and limitations of microinsurance and how to use digital tools securely.
- Trust and literacy: Some segments remain wary of digital-only products.
- Fraud and security: As coverage moves online, providers must constantly innovate against digital fraud and security breaches.
- Sustainability and customization: InsurTechs must balance low costs with robust, meaningful benefits to keep trust and retention rates high.
The vision: Everyday protection for every Filipino
InsurTech is turning the Philippine insurance market from a low-penetration, luxury product into an everyday essential — packaged in an app, disbursed in seconds, and priced for everyone.
With financial inclusion at its heart, the mobile revolution in insurance is making protection truly universal, empowering millions to face tomorrow’s uncertainties with greater peace of mind.
As digital ecosystems continue to evolve and competition drives more innovation, the day when every Filipino, regardless of income or location, enjoys real protection for the digital age may finally be within reach.
