Insular Life (InLife) and leading mobile wallet GCash have vowed to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked.
During the formal launch of their partnership on Wednesday, March 9, the local insurer and the largest FinTech platform in the country said InLife recorded P196 million worth of transactions made through GCash from January to December last year.
This came from 46,000 transactions that were recorded using the GCash app for payments for various InLife insurance products, InLife said.
“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,” InLife Chairperson Nina D. Aguas said.
Since last year, InLife term life insurance and accident insurance plans that do not need medical examinations are available through GCash.
It also made the affordable emergency prepaid cards of its health subsidiary, Insular Health Care (IHC), available through GLife. The move is in line with InLife’s advocacy of promoting financial inclusion, particularly empowering women through technology.
Aguas noted that because of its reach and wide use, GCash is very suitable in influencing the health and financial security of the bigger communities, especially those who are financially excluded.
For her part, GCash President and CEO Martha Sazon said that their partnership with InLife has enabled them to bring affordable and accessible insurance coverage to everyday Filipinos.
Sazon added that their partnership with InLife is also bringing another much-needed and timely service for GCash users.
“This is another step forward in our pursuit of financial inclusion – where we strive to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked,” she said.
Meanwhile, 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.