According to the Philippine Insurance Commission, insurance penetration in the Philippines remains remarkably low — way below its ASEAN neighbours like Thailand, which has 5 per cent, and Indonesia which recorded 2.72 per cent as of 2022.
In fact, in 2023, insurance penetration in the Philippines was recorded at just 1.75 of the country’s gross domestic product, down from nearly 2 per cent in the same period of 2022. However, the increasing digitalization and financial literacy among Filipinos are expected to play pivotal roles in its enhancement.
The Commission has also urged the industry to help by spreading financial literacy and awareness to increase financial inclusion in the county.
Palawan ProtekTODO, “abot-kayang” insurance “para sa mga Pinoy”
The Palawan Group of Companies, a trusted leader in pawning and financial services, is responding to the government’s call by taking a significant step towards enhancing insurance accessibility in the Philippines. This initiative entails expanding its ProtekTODO microinsurance products through various channels.
An extensive microinsurance solution
Palawan ProtekTODO is an extensive microinsurance solution that offers Filipinos flexible and budget-friendly coverage against unforeseen accidents.
With Palawan ProtekTODO, individuals, students, families, small to medium business owners, companies, and household helpers can secure financial protection from a wide range of accidents or misfortunes such as natural disasters, accidental death, fire hazards, and the like.
The policies address diverse needs, some of which include emergency hospitalization, dengue, pet coverage, and protection for pawned items.
Offering coverage ranging from PhP15,000 to PhP100,000 for as low as PhP20, Palawan ProtekTODO aims to provide accessibility and flexibility.
Palawan ProtekTODO is underwritten by reputable insurance companies including Liberty Insurance Corporation, AlliedBankers Insurance Corporation, and Generali Life Assurance Philippines, Inc.
These esteemed underwriters ensure the reliability and integrity of Palawan ProtekTODO’s coverage, providing policyholders with peace of mind and financial security.
In addition to over 3,300 Palawan Pawnshop physical stores, Palawan ProtekTODO insurance is also now being offered on the PalawanPay app as well as other e-commerce platforms like Lazada and Shopee enabling Filipinos to easily avail of personal insurance with just a few clicks, ensuring protection for themselves and their families against life’s uncertainties.
Bernard Kaibigan, Enterprise Marketing Head for Remittance and Auxiliary Services at the Palawan Group of Companies
Sukis can also avail themselves of microinsurance coverage at the branch, through the app, or online, allowing them to choose the most convenient channel to secure their coverage. This further enhances Palawan Pawnshop’s commitment to serving the needs of its sukis.
Bernard Kaibigan, Enterprise Marketing Head for Remittance and Auxiliary Services at the Palawan Group of Companies, stated, “In our commitment to meet the ever-evolving needs of our sukis, we aim to offer affordable, flexible, and easy-to-understand insurance policies to ensure their protection and that of their families.”
“It’s all about providing peace of mind. Whether it’s unexpected medical bills or unforeseen accidents, we made sure that Palawan ProtekTODO can offer protection for whatever life has in store,” he added.
Promoting financial inclusivity through affordable, flexible, and accessible insurance products
The Palawan Group of Companies has grown into one of the fastest-growing financial institutions in the country with over 25,000 branches, Pera Padala outlets, and PalawanPay money shops nationwide.
It continues to promote financial inclusivity in the country by providing affordable, flexible, and accessible insurance products and services to its sukis.
Palawan ProtekTODO is an extensive microinsurance solution that offers flexible and budget-friendly coverage against unforeseen accidents.
With Palawan ProtekTODO, the organization aims to make insurance accessible and affordable for all Filipino families.
To take the first step in securing your future, download the PalawanPay app from the Apple Store, Huawei App Gallery, or Google Play Store. With Palawan Pawnshop’s ProtekTODO Personal Accident Insurance, protecting yourself and your loved ones has never been easier.
For more information, you can visit https://www.palawanpay.com/insurance-from-palawan-protektodo/ and you can choose and add to cart your preferred insurance policies at Lazada and Shopee. Sa Palawan ProtekTODO, abot kaya at todo proteksyon ng mga Pilipino! (Palawan ProtekTODO offers affordable and flexible insurance coverage for Filipino families).