Hamilton Angluben, the former general manager of Gokongwei-backed loan app Cashalo, will be launching his own insuretech (insurance technology) startup in the fourth quarter of this year.
Angluben was the head honcho of Cashalo when it was launched in October 2018. He has left the company to form Kwik.insure, which aims to help digitalize insurance by providing democratized access to insurance products through an online marketplace.
“The Philippines has such a long way to go. To be at par with the rest of the world, we need to grow by 1,100 percent and 300 percent in terms of density and penetration, respectively. Insurance has the stigma of being expensive, complicated, and hassle to purchase. It is a huge challenge but therein lies the opportunity also for innovation. With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” Angluben said.
The local insurance industry is ripe for a digital revolution and the opportunity to provide democratized access to insurance products is immense, he noted.
Based on data from Swiss Re Institute, the world average for insurance density (insurance premiums per capita) is at $682, while insurance penetration (premiums as a percentage of gross domestic product) is at 6.09 percent.
The Philippines, according to latest data from the Insurance Commission, only has an average insurance density of $55, while insurance penetration is at a measly 1.67 percent.
“Our strategy to help uplift the insurance industry involves technology, education, and collaboration. Kwik.insure will help digitalize insurance, just as Cashalo had done for financing. Our marketing efforts will be focused on educating Filipinos about the benefits and need for insurance. We will be partnering with all insurance companies that want to innovate and digitize their products as well as working closely with the Insurance Commission to ensure proper regulation and compliance,” Angluben said.
Kwik.insure said it has been in advanced stages of negotiations with various insurers. It is open to onboarding more providers to offer Filipinos with a variety of insurance products that best suit their needs.
“Our plan is to make an insurance platform that is easy and reliable for both consumers and insurance companies. We are already receiving positive feedback from insurance companies such as Sun Life, who is excited to partner with us,” Angluben said.
Kwik.insure said it has set its sights on Southeast Asia with the Philippines as its first market. Through the digital platform, Filipinos could browse through different types of insurance products from multiple insurance companies. Initially, the insurance lines will be health, life, travel, mobile, and automotive.
Consumers will be able to search and compare different insurance offerings through a simple and intuitive user interface. All transactions will be done online and users will receive their e-policies directly from the insurance companies, it said.
“Through our platform, we are providing Filipinos with democratized access to insurance products, something that was previously either unavailable to them, or they are just too afraid of checking. With our platform, they can be educated about the different types of insurance products and purchase the ones that fit their needs,” Angluben said.