GCash offers all-in-one insurance platform as 56% of Filipinos seek access to affordable protection

Finance superapp GCash makes securing the future convenient and affordable through insurance products fit for different needs 

Filipinos understand that insurance products are valuable – most just find them expensive. 

In 2021, Bangko Sentral ng Pilipinas reported that only half of the Filipino population had some form of insurance. Of those who do not have insurance, 56% said it was not a priority at present due to inadequate funds, while 7% said they have not found the right product for them.

In partnership with trusted insurance companies, GCash hopes to provide affordable and credible financial protection for different needs such as health, income protection, travel, lifestyle, business, vehicle, and lifestyle, through GInsure, a one-stop shop for all insurance needs inside the GCash app. 

“A lot of Filipinos are already working hard to meet their everyday needs as is, and we want to provide them with one less thing to worry about,” said Winsley Bangit, VP, Head of New Businesses of GCash. “With GInsure, making the most out of the present while thinking ahead for the future is made possible with insurance offerings that are not heavy on the wallet and easy to accomplish.”

Health and personal protection

A study by the Philippine Institute for Development Studies found that the country’s National Health Insurance Program covers only 40% of total hospital costs on average. This means that some may still have to shoulder out-of-pocket payments, leaving a dent in their everyday household or personal budget.

To help cover medical costs, GCash offers health protection in partnership with Singlife Philippines. For as low as PHP 79 per month and in under three steps, insured users can get PHP 250,000 worth of coverage in cases of COVID-19, dengue, and accidents. 

In partnership with Cebuana Lhuillier, Sun Life, Singlife, Pru Life, Pioneer Insurance and Generali, GInsure also offers personal insurance that will ensure regular monthly income for beneficiaries in case of disability or death. Personal insurance on GInsure costs as low as P10 and only takes three steps to complete, providing a safety net for breadwinners and family heads.

“Filipinos are known to be family-oriented, with most taking on breadwinner roles. Through our selection of health and personal insurance, we want users to never have to worry about securing their family’s future when they’re covered against loss of income and medical expenses,” Bangit said.

Worry-free travels

With revenge travel in full swing, travel disruptions have also increased. While travel insurance is not considered mandatory in several destinations, Filipinos can largely benefit from the protection from unexpected travel expenses resulting from trip delays and cancellations, loss and damage to baggage, accidents, and illnesses. 

Powered by Standard Insurance and Malayan Insurance, travel protection premiums on GInsure start at PHP 103 pesos and can be accomplished in under three minutes.

Peace of mind for business

Micro-, Small and Medium-sized Enterprises make up 99% of the total establishments in the Philippines. However, their limited resources make it difficult for them to recover from the impacts of natural and human-induced hazards. 

GCash has partnered with Malayan Insurance and Igloo to offer Negosyo Insure, a product designed to protect small business owners with physical stores. With a premium as low as PHP 160 per month, the insurance product offers up to PHP 50,000 coverage for the owner’s personal accidents, damage, or loss of property due to fire, burglary, and housebreaking.

“A lot of effort, time, and money goes into starting and growing a business, and we want entrepreneurs to not have to worry about their hard work going to waste because their business is protected,” Bangit said.

Protection on the road 

In Metro Manila alone, an average of 157 car crashes were recorded last year, with the average cost of minor injuries resulting from a road crash amounting to PHP 71,000. As road mishaps remain common despite careful driving, GCash has collaborated with trusted partners to provide car owners with affordable vehicle insurance they can purchase within minutes.

For car owners looking for alternative insurance deals outside dealer options and second-hand car owners looking for insurance, GInsure offers both mandatory CTPL (compulsory third-party liability) and comprehensive insurance. GCash partnered with Standard Insurance, Kwik.insure, FPG Insurance, and BPIMS Insurance to offer CPTL insurance that covers up to PHP 100,000 of possible liability, and with Standard Insurance and Kwik.insure to offer Comprehensive Insurance, which covers possible own damage and theft to vehicles.

Users may access GInsure on the GCash dashboard or find it under “Grow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!