Online insurance marketplace Kwik.insure has launched an affiliate program that allows affiliates to be rewarded with referral fees for every successful transaction on its website.
Through the program, Kwik.insure also hopes to help the insurance industry grow by increasing the insurance awareness in the country.
“We hope to strengthen the insurance industry by tapping ordinary Filipinos — anyone who has access to a digital platform — to break the stigma and misconception about insurance. Through the program, we hope to encourage Filipinos to be our advocates, as learning is more effective when it comes from someone we trust or look up to,” Kwik.insure founder and CEO Hamilton Angluben said.
The Philippines is far behind the global benchmarks for insurance penetration and density. Data from the Insurance Commission showed that the insurance penetration (total premiums sold/GDP) of the country is at 1.69 percent, while global average is at 6.09 percent. Insurance density (insurance premiums per capita) in the Philippines averaged at $55, while the global average is at $682.
“We really have a long way to go, but we believe that through the affiliate program, we will be able to encourage more Filipinos to get insured, especially during these trying times,” Angluben said.
The program also seeks to empower ordinary Filipinos to have an additional revenue stream. Through the program, affiliates can earn extra income by referring people to buy insurance on the online marketplace. Referral fees start at 3 percent and can go up to 10 percent of net premiums, depending on the product.
“We are creating a win-win-win scenario where the client, affiliate, and our company all benefit from the program. The client gets insured by the top providers in the country, the affiliate earns from the referral fees, and our company gets to market more insurance products. Not only does it get more people insured, but it also provides an extra source of income for Filipinos,” Angluben said.
The Insurance Commission (IC) said the affiliate program can help bolster the confidence of Filipinos to insurance.
“We welcome the initiative of Kwik.insure to help increase the insurance awareness in the country and get more Filipinos insured. Having more people promoting the importance of insurance is a progressive strategy to uplift the industry as a whole. We wish them success on the launch of their affiliate program,” IC commissioner Dennis Funa said.
Anyone can become a Kwik.insure affiliate in as fast as 5 minutes by visiting Kwik.insure. Applicants need only to fill out a personal information form and input their payment details for the referral fees, which will be credited each month.
Kwik.insure is an online insurance marketplace with 17 insurance and HMO providers. It offers over 100 products and variants of life, health, accident, and auto insurance.
