Homegrown insurance technology (insurtech) startup Kwik.insure today (March 30) launched the country’s largest online insurance marketplace with over 100 life and non-life insurance products from 15 top providers.
Consumers can select, search, and compare different insurance offerings digitally, just as they would in popular e-commerce platforms.
Kwik.insure partners include Sun Life and Malayan, the largest life and non-life insurers in the country.
All transactions are done online and users receive their e-policies directly from the insurance firms, cutting down processing time from days to just five minutes.
“Filipinos are now used to shopping online, so we patterned our platform after what they are already accustomed to," explained Kwik.insure Founder and CEO Hamilton Angluben.
"We made sure that our platform makes insurance easy to understand and quick to purchase," he pointed out
"The end-to-end process is 100 percent digital. 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,” Angluben stressed.
Ceating a transparent and easy-to-understand platform, the startup seeks to remove the negative perception around insurance, normally perceived as complicated, unaffordable, and difficult to purchase.
A user can purchase a Vital Cover (Covid-19 Cash Assistance Benefit) from Malayan Insurance via Kwik.insure for P130 by simply signing in, clicking on the insurance product and checking out.
The Insurance Commission (IC) welcomed the development and recently approved Kwik.insure’s brokerage license.
"We hope Kwik.insure contributes to the advancement of the industry and help get more Filipinos adequately insured,” confirmed IC Deputy Commissioner Randy Escolango.
The insurtech firm is partnering with more insurance and healthcare providers to add more products to its platform.
Life, travel, and property insurance categories will also be made available soon.
Payment options include VISA and Mastercard credit and debit cards, over-the-counter channels, banking apps, and e-wallets.