Thailand
Largest online insurance market in Philippines launched
MANILA, Philippines — Local insurance technology startup Kwik.insure has launched the country’s largest online insurance marketplace with over 100 life and non-life insurance products from more than a dozen of the country’s top insurance and healthcare providers.
The digital platform aims to help Filipinos gain democratized access to insurance products that are tailored for their needs.
It is patterned after popular e-commerce platforms, where consumers are able to select, search, and compare different insurance offerings.
Kwik.insure has partnered with 15 insurance providers such as Sun Life and Malayan to offer a wide range of insurance products to Filipinos.
“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.
Transactions in the platform will be done online and users will receive their e-policies directly from the insurance companies, cutting down processing time from days to just five minutes.
The homegrown startup said by creating a transparent and easy-to-understand platform, 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,” Angluben said.
“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,” he said.
Kwik.insure said more products and insurance categories such as life, travel, and property would be made available to the platform soon.
The Insurance Commission (IC), which recently approved Kwik.insure’s brokerage license, welcomed the launch of the insurance marketplace.
Source: https://www.philstar.com/business/2021/03/31/2088118/largest-online-insurance-market-philippines-launched