E-wallet giant GCash eyes to offer more insurance products

MOBILE wallet giant GCash is beefing up its insurance product portfolio via GInsure.

In a recent media briefing, GCash announced it will be expanding its insurance product offerings in the third quarter this year to address the evolving needs of its customers.

“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower micro, small and medium enterprises to now finally avail themselves of insurance for their employees at a fraction of the cost with all of the different plans and policies from our different partners,” said GCash head of new business Neil Trinidad.

GCash will also introduce insurance for travel, education, life variable universal life and cyber protection.

These products are timely especially since travel and tourism is back while face-to-face classes are gradually being implemented in various parts of the country. GCash also sees the need to offer cyber protection insurance on the back of the rising exposure of consumers online.

Trinidad said they will be onboarding more partners to make these insurance products readily available to more Filipinos whatever their financial standing.

Already, GInsure offers insurance products for personal accidents, medical services, car insurance, income loss, online shopping, bills, cars and pets.

“Most Filipinos realized they need insurance when it is too late. Now, a recent study by the Philippine Life Insurance Association in April 2022 showed that more and more Filipinos are open to availing themselves of insurance. In fact, 67 percent of the Filipinos surveyed are open to buying health insurance products because of the pandemic,” Trinidad said.

GCash, which is operated by Mynt, Globe’s fintech arm, offers financial services like savings, loans, and even investment.