Homegrown insurance technology (insurtech) startup Kwik.insure launched on Tuesday, March 30, what it claimed is the country’s largest online insurance marketplace with over 100 life and non-life insurance products from 15 of local insurance and healthcare providers.
Through the digital platform, the startup said Filipinos gain access to insurance products that are tailored for their needs. Similar to popular e-commerce platforms, consumers are able to select, search, and compare different insurance offerings.
Kwik.insure has partnered with 15 insurance providers to offer a wide range of insurance products to Filipinos. Its partners include Sun Life and Malayan, the largest life and non-life insurers in the country, respectively.
All transactions are done online and users will receive their e-policies directly from the insurance companies, cutting down processing time from days to just five minutes.
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to. Through Kwik.insure, Filipinos can easily compare, choose, and buy insurance products that fit their needs. They can be covered in as fast as five minutes,” Kwik.insure founder and CEO Hamilton Angluben said.
By creating a transparent and easy-to-understand platform, Kwik.insure said it is helping remove the negative perception around insurance.
“There is plenty of stigma around insurance. A lot of people perceive it to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase. The end-to-end process is 100 percent digital, and people are instantly protected the moment payment is confirmed. We are one of the first insurtech companies in Southeast Asia to be able to offer real-time coverage,” Angluben said.
For instance, a user may purchase a Vital Cover (Covid-19 Cash Assistance Benefit) from Malayan Insurance via Kwik.insure for P130 by signing in, clicking on the insurance product, and checking out.
The Insurance Commission recently approved Kwik.insure’s brokerage license, with IC deputy commissioner Randy Escolango saying the agency is excited by the technological advancement in the insurance industry.
“The Insurance Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal. We hope that Kwik.insure will contribute to the advancement of the industry and help get more Filipinos adequately insured,” Escolango said.
Angluben explained that Kwik.insure applied for a brokerage so that it could partner with as many insurance companies as possible.
“By doing so, we are able to offer our clients the widest array of products that match their budget and needs. We are grateful to the Insurance Commission for the support and guidance they have given us right from the start. We are excited to collaborate and work closely with them,” Angluben said.
Kwik.insure said it is continuously partnering with more insurance and healthcare companies to add more products to its platform. Life, travel, and property insurance categories will also be made available soon, it added. Payment options include VISA and Mastercard credit and debit cards, over-the-counter channels, banking apps, and e-wallets.