Tuesday, March 5, 2024

InLife says P196-M payments made via GCash in 2021

Insurance firm Insular Life (InLife) recorded P196 million worth of transactions made through GCash from January to December 2021. This came from 46,000 transactions that were recorded using the GCash app for payments for various InLife insurance products.

InLife chairperson Nina D. Aguas

But more than a channel to collect premium payments, the companies said the tie-up between them serves a more meaningful purpose – inclusion.

“Our partnership with GCash, the largest fintech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way,” said InLife chairperson Nina D. Aguas during the formal launch of InLife’s partnership with GCash.

InLife term life insurance and accident insurance plans that do not need medical examinations are now available through GCash since last year. Also available on the platform through GLife are emergency prepaid cards of its health subsidiary, Insular Health Care (IHC).

“The Covid-19 pandemic has shifted the attitudes and behavior favorably toward getting adequate healthcare and insurance coverage. And data shows that it is the women who are active seekers not necessarily for themselves, but for their husbands, children, or parents,” Aguas pointed out.

She noted that because of its reach and wide use, GCash is suitable in influencing the health and financial security of the bigger communities, especially those who are financially excluded.

In her message during the event, GCash president and CEO Martha Sazon said that partnership with InLife has enabled them to bring accessible insurance coverage to everyday Filipinos.

“This has allowed them access to relevant products ranging from life insurance to health care coverage through InLife and InLife Health Care, respectively. We are providing more Filipinos access to get covered more quickly and conveniently, giving them and their loved ones peace of mind,” she said.

Sazon shared the partnership comes during a significant point in GCash’s history when its user base has grown to over 55 million or over 70 percent of the adult population in the Philippines.

“Through our app, they now have access to digital financial services – even as the banking penetration remains low. Usage of our app is at an all-time high, as people now think of GCash as a digital life hack and more than just an e-wallet,” she said.

IHC president and CEO Noemi G. Azura disclosed that their experience in the InLife Sheroes Movement, InLife’s women’s advocacy program, made them realize the importance of digital channels to reach Filipino women.

In a nationwide study conducted by InLife in 2018 for its Sheroes program, it learned that Filipino women are the primary caregivers in the family, including extended ones.

“We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for life and health for their family,” Azura said.

She added that digital technology is effective in terms of promoting awareness about the program, and in delivering educational activities on health and personal finance.

Sazon said that they are celebrating their partnership at a special time – Women’s Month.

“While tech is not usually a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employee base,” she said.

During the launch, InLife and GCash executives also took the time to discuss the challenges of financially empowering women and how both companies can address them.

“It is our hope that millions of Filipinos will enjoy peace of mind knowing that they have life and health insurance coverage for themselves and their loved available through GCash,” Aguas said.

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