GCash, the leading mobile wallet in the Philippines, has partnered with digital insurer Singlife Philippines to provide GCash users access to relevant, affordable, and secure insurance products.
Despite the growth of the insurance market in recent years, more than 95 percent of Filipinos are insufficiently prepared – if not completely unprepared –for high medical expenses, disability, or death of the main income earner. This leads to high debts to pay for medical costs or even outright denial of treatment. Families are being torn away from their standards of living when an adverse event happens and income is disrupted. One hurdle is the complexity of insurance products and the old-fashioned way they are offered, with conventional insurance plans requiring a lot of paperwork
“Cash seeks to maximize the reach of technology to promote health and financial security especially during this global health situation. After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being,” GCash CEO Martha Sazon said.
GCash, the largest fintech company in the Philippines, has always had its eyes set on financial inclusion for all Filipino. Recently, GCash has started offering users a suite of financial services such as savings, on-demand credit, and investments. Offering insurance is the next step towards this goal.
Singlife Philippines is a majority-owned subsidiary of Singlife (65%) with partners Di-Firm (20%) and Aboitiz Equity Ventures (15%). The company’s purpose is to unlock the potential of money for everyone by offering innovative tools & solutions that help people become confident and in control of their finances.
“We believe that everyone should have access to financial products that support them to manage their financial lives efficiently. By using digital technology, we can simplify products, make them affordable for a larger market, and design them to be customer centric. Our products adjust to your needs and give you the best value for your money,” Singlife Philippines President & CEO Rien Hermans said.
He adds, “Partnering with GCash, the biggest e-wallet platform in the Philippines, makes perfect sense as our goals are aligned. We offer simple and flexible products at affordable prices to a large base of customers.”
This is only one of many partnerships, and GCash will continue to work with local industry leaders to offer the best insurance options to the people in the market.
“The end goal is to really connect every Filipino to all the kinds of financial protection they might need in the most convenient way possible,” Sazon said.