GCash aids 10,000 Filipinos to avail digital insurance

GCash, the undisputed leader and preferred mobile wallet of the Philippines, has empowered more than 10,000 Filipinos to avail of affordable and relevant insurance products, all just through their mobile phones, amid the national public health crisis.

GCash seeks to help in the battle against COVID-19 by spreading awareness and providing more affordable insurance to Filipinos through a convenient platform. GCash users are now afforded more democratized access to insurance versus traditional ones as they only need their mobile phones to avail of insurance policies. 

With GCash Insurance, GCash users within the age of 18 to 65 years old can have financial protection in case of medical emergencies, accidents and/or death for as low as P39 a month. For a worry-free price, they can enjoy an equally worry-free life knowing that they have reserve funds allotted for whenever they need it. Plus, they can even protect their families with the family bundles.

“Insurance provides a safety net so people can stay financially secure for emergencies and unexpected events. But for many Filipinos, safety nets are not something they can afford. Because we believe that healthcare is a right that should be enjoyed by every Filipino regardless of economic status, we decided to offer GCash Insurance to address this problem by providing insurance plans at low prices and make sure that they’re within everyone’s reach,”  GCash President Martha Sazon said. 

GCash Insurance covers the three of the most basic insurance products everyone must have--Life, Personal Accident (PA), and Daily Hospital Income (DHI), all 3 in 1 product

In the Philippines, healthcare comes with a hefty price tag. Treatment for COVID-19 alone can cost up to millions of pesos in private hospitals in Metro Manila. In 2019, even prior to the pandemic, studies have shown a 13.7 percent rise in medical costs in the Philippines. Now more than ever, insurance is becoming a necessity.

While the insurance industry has long been established in the Philippines, studies show that only 16-percent of middle to upper-income Filipinos availed of insurance. A lot of Filipinos see insurance as an unnecessary expense and is considered inaccessible for those in the lower-income bracket. What GCash Insurance tries to prove is that insurance is not just for the rich, but for everyone. 

“The importance of insurance amid a public health crisis is not being talked about enough. Given the high cost of medical treatment in the country, it can only take one trip to the hospital to push even middle-income earners below the poverty line. Insurance can prevent that. Even more specifically, GCash Insurance can help Filipinos cushion the effects of these types of situations,” Sazon added.

Aside from its affordable rates, GCash Insurance also does away with the hassle of signing up for conventional insurance plans. GCash users only need to send a text to get insured, instead of going through long lines and lengthy forms. Getting insured is now as simple as buying load. Coverage starts upon receipt of the confirmation SMS. Claiming their benefits are now made very easy as well.  They can simply email gcashinsure-support@microensure.com, and their claims can be processed right away.

“Another important thing that insurance has to address in the time of COVID-19 is accessibility. Most people will not be able to leave their homes for their own safety. Given the lack of mobility, it is important to maximize the potential of technology, which is precisely what we did in GCash. GCash Insurance is just another service borne out of our goal of improving the lives of Filipinos across the archipelago,” Sazon said. 

GCash Insurance is a comprehensive insurance product of Life, Personal Accident (PA), and Daily Hospital Income (DHI) insurance for GCash users. It is an innovative offering that provides valuable financial protection in the event of hospitalization, accident, and/or death. GCash Insurance is powered by MicroEnsure and underwritten by AXA, both leading players in the industry.

For more information about GCash Insurance’s products, pricing, benefits, and how to avail, visit https://www.gcash.com/insure/.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.