Insular Life (InLife) and mobile wallet leader GCash are committed to making financial services more accessible to all Filipinos, especially the unbanked and underbanked.
At the official launch of their partnership on Wednesday, March 9, the local insurer and the country’s largest FinTech platform said that InLife had recorded 196 million pesos worth of transactions made via GCash from January to December. last year.
This came from 46,000 transactions recorded using the GCash app for payments for various InLife insurance products, InLife said.
“GCash breaks down barriers allowing millions of unbanked people to access financial services and healthcare solutions in the most convenient and secure way,” said InLife President Nina D. Aguas.
As of last year, InLife term life and accident insurance plans that do not require medical exams are available through GCash.
It also made affordable emergency prepaid cards from its healthcare subsidiary, Insular Health Care (IHC), available through GLife. This decision is in line with InLife’s advocacy for promoting financial inclusion, particularly the empowerment of women through technology.
Aguas noted that due to its reach and wide use, GCash is very suitable for influencing the financial health and security of large 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 provide affordable and accessible insurance coverage to everyday Filipinos.
Sazon added that their partnership with InLife also brings another much-needed and timely service to GCash users.
“This is another step forward in our quest for financial inclusion – where we strive to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked,” said she declared.
Meanwhile, IHC President and CEO Noemi G. Azura revealed that their experience in the InLife Sheroes movement, InLife’s women’s advocacy program, made them realize the importance digital channels to reach Filipino women.
In a national study conducted by InLife in 2018 for its Sheroes program, he learned that Filipina women are the primary caregivers of the family, including extended individuals.
“We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for the life and health of their families,” Azura said.
She added that digital technology is effective in raising awareness of the program and providing educational activities on health and personal finance.
Sazon said they are celebrating their partnership at a special time – Women’s Month.
“While tech isn’t typically a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employees,” she said.
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