Malayan, GCash collaboration boosts pet, travel insurance in 2022
New small and micro business insurance product joins digital payment platform
By MB Business
Published Jul 4, 2023 06:38 am
The collaboration between Malayan Insurance Co. Inc. and GCash has resulted in the public’s enthusiastic embrace of the former’s pet as well as travel insurance products. The partnership was so fruitful that Malayan Insurance registered its micro and small business insurance product with GCash, a digital payment system. Malayan Insurance is the country’s leading non-life insurance company, while the largest digital payment app in the Philippines right now is GCash of Globe Telecoms. Pet Insure, a specialized pet insurance plan available via the GCash app on the micro-payment service, was first introduced in March of last year and has sold over a million policies on the GInsure platform in 2022. A little more than half of the total client base chose annual pet coverage, then one-month coverage, and the final quarter was split between three months and six months of coverage. Meanwhile, GCash users demonstrated their preference for Malayan’s Travel Master, with over a million worth of sales production in its first three months of availability on the platform. The major contributor to this accomplishment is the market’s appreciation for the ease with which travelers can secure travel insurance coverage from Malayan Insurance via the e-wallet service. “We are very pleased with the market’s warm reception towards our Pet Insure and Travel Master products on the GCash platform. Our strong performance proves that our efforts to make insurance products more accessible to Filipinos using easily available channels are making a difference,” Paolo Y. Abaya, president, and chief executive officer of Malayan Insurance, said. Abaya likewise reported that Malayan recently launched Negosyo Insure on the e-wallet platform. This newest product, designed exclusively for GCash users, enables micro and small entrepreneurs to safeguard their hard-earned business ventures at more affordable rates. “Now that we have also introduced Negosyo Insure on the app, we hope to bridge the gap to more underserved Filipinos who need reliable financial safety nets,” he added. Malayan Insurance is part of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the country. Aside from winning the “Domestic General Insurer of the Year” and “New Insurance Product of the Year” for Pet Care from the Insurance Asia Awards, Malayan also received a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating outlook at “bbb+” (Stable) from insurer rating organization A.M. Best.