MANILA, PHILIPPINES — 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 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,” Neil revealed.
With pandemic restrictions easing up, Neil 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,” he explained.
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 PHP 267 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. Neil 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 PHP 278.7 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.”