GCash, the Philippines’ leading mobile wallet, looks to expand its insurance offerings, ranging from travel to business and even education, as it seeks to make affordable insurance products accessible to more Filipinos amid a strong demand for insurance coverage.
GCash vice president and head of new business Neil Trinidad said that GCash is set to expand GInsure with a slew of new insurance offerings this year.
“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower micro, small and medium enterprises to finally avail themselves of insurance for their employees at a fraction of the cost with different plans and policies from our partners,” Trinidad revealed.
With pandemic restrictions easing-up, Trinidad said Filipinos are starting to travel in and out of the country again, which is why GCash sees the need to offer travel insurance.
“Many of us love traveling, after being cooped up for two and a half years now, all we want is to go YOLO (you only live once) and travel. So we’re going to be launching travel insurance on GInsure very soon,” explained Trinidad.
Education is another area that GInsure will be covering soon. “We want to make sure that more and more Filipino parents can secure the future education of their children, so education plans are also coming soon,” he added.
To further protect its customers against fraudulent online transactions, GCash will also introduce a cyber-protection plan. “Aside from launching variable universal life insurance plans on GCash, with more and more people on digital media channels today, the more important thing is to make sure they’re protected [against scams] with cyber-protection,” he said.
GCash also offers pet insurance for only P267 per month which includes a full-year coverage with 3-in-1 insurance products, and maximum coverage of PHP 400,000 for the dog and its owner. Trinidad also shared that other “fur-babies” like cats will soon have their own insurance plans.
GCash’s push for more insurance products comes at a time when the Philippine insurance industry has been seeing strong demand amid the pandemic. In fact, the Insurance Commission earlier reported insurance premiums in the country jumped by 64% to P278.7 billion from 2016 to 2021.
By expanding its insurance product offerings, along with a variety of other lifestyle and financial services to its 60 million users, GCash continues to help more Filipinos unlock a brighter financial future – bolstering the company’s pursuit of “finance for all”.
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About GCash
GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, 66M registered users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines.
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs.
