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Manila Bulletin devider Business devider The Stock Market devider Kickstart Ventures backs seed funding for insurtech startup

Kickstart Ventures backs seed funding for insurtech startup

Published Oct 20, 2023 05:15 pm

Globe Telecom Inc.'s corporate venture capital (CVC) company Kickstart Ventures led the seed funding draw for microinsurance platform RuralNet to help indigent populations access and avail of insurance. 

RuralNet, described as the country's first digital and Application Programming Interface (API)-driven microinsurance distribution platform, seeks to aid financial institutions to deliver in-person insurance services from its enrollment to processing stages. 

RuralNet received $2.15 million overall from the seed funding draw, with support from investors such as Gentree, Foxmont, Kaya Founders.

With the help of the online platform, Kickstart Ventures is aiming to increase the number of insurance holders in the country, which currently sits at only two percent compared to Indonesia and Singapore, and dissuade the misconception of insurance as an "unnecessary or unaffordable" service. 

“RuralNet genuinely understands their customers' needs and ensures that their insurance coverage is aligned with the needs and realities of their lives. Together, we strive to help provide Filipino’s the financial security they deserve,”  said Kickstart Ventures President and Co-Founder Minette Navarette. 

The insurtech-startup has so far made partnerships with 25 financial institutions to give microinsurance to two million Filipinos nationwide. 

To strengthen its program, RuralNet is expanding "CashKo" which connects with its financial and retail partners in the country through providing insurance solutions to Filipinos, especially to small and midsize enterprises (SMEs). 

It hopes to cover insurance to 200,000 to 300,000 employees of SMEs within five years through "CashKo." 

RuralNet Founder Justin Arenas said its platform also provides face-to-face services to clients complementary to its online interfacing services to be able to cater to clients who may not be adept at using technology. 

 

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