Friday, June 14, 2024

Igloo, GCash unveil Covid travel protection product

Regional insurtech firm Igloo, in partnership with GCash and local underwriter Malayan Insurance, recently launched Travel Master with Covid-19, a comprehensive travel insurance product to be offered and purchased on the e-wallet.

The new product offers coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and Covid-19 protection. With tourism on the upswing due to the easing of restrictions, Travel Master with Covid-19 will enable Filipinos to undertake trips with assured protection in the event of a medical emergency due to the pandemic.

In the forum titled “The Philippines and Revenge Tourism – Are We Ready?” former Department of Tourism secretary Bernadette Romulo-Puyat shared that “Revenge Travel” or leisure travel that follows a period of being unable to travel is driving the tourism boom in the country.

Since easing restrictions in February 2022, the country has seen a gradual rise in travel – particularly to local destinations — among Filipinos. In fact, 85% of tourism contribution to the gross domestic product can be attributed to domestic travel, which is expected to grow further with the opening of more local destinations. Travel Master with Covid-19 will help Filipinos be prepared for health and travel risks for their trips.

“As more Filipinos become more comfortable with traveling, our new travel insurance product in collaboration with our long-term partner GCash, will work as a key enabler to facilitate safe travel for Filipinos. Being an affordable, yet comprehensive product, that addresses common travel risks including contracting Covid-19 it will offer travelers the coverage they need so they can enjoy their trip and have peace of mind,” Mario Berta, country manager for the Philippines at Igloo, said.

“GCash Travel Master with Covid-19 once again highlights Igloo’s commitment to co-creation of insurance products that are relevant and accessible to all Filipinos.”

Underwritten by Malayan Insurance, the benefits of Travel Insurance include Personal Accident with Emergency Medical Treatment for COVID-19 for up to P2,500,000, Hospital Cash Allowance due to Covid-19 of up to P4,000, and Travel Inconvenience of up to P50,000.

It also has value-added features such as car rental protection of up to P500,000 and sports activities extension of up to P100,000. The insurance product is also supported by 24-hour worldwide travel assistance in partnership with Assist America for the medical needs of the insured.

Available through GCash’s GInsure marketplace, premiums start at P950 for local or inbound, P970 for Asia, and P1,190 for worldwide travel with up to a 90-day maximum coverage period. GCash Travel Master with Covid-19 is the fourth product launched under Igloo and GCash’s partnership.

In September 2021, the partners launched the first Online Shopping insurance in the market, followed by Mobile Insurance products and Pet Insurance in 2022.

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