GCash partners with AXA as underwriter of affordable personal accident insurance product

GCash Insure, the new comprehensive yet affordable insurance product for GCash users, has partnered with AXA Philippines, one of the country’s leading insurance companies, to underwrite coverage; and MicroEnsure, a global digital insurance provider, to serve as administrator and distributor for this innovative offering.

With life and personal accident insurance coverage of up to P200,000 and daily hospital income insurance up to P10,000, GCash Insure allows Filipinos to have insurance for themselves and their families at an affordable monthly or annual premium. Payments will be deducted from their GCash accounts depending on the customer’s preferred and agreed-upon payment frequency.

Customers can choose among bronze, silver, gold, or platinum benefit plans which can cover the user and other beneficiaries, such as their families of up to three persons.

GCash, the country’s leading mobile wallet, has begun offering micro-insurance products to its users as a way of democratizing access to financial protection. The technology is provided by MicroEnsure.

“It is of utmost importance to feel financially secured, especially during unfortunate events that no one can see coming,” said Rahul Hora, president and CEO of AXA Philippines. “However, a vast majority of Filipinos believe that insurance is expensive or can’t afford to get insurance for themselves or their families. Here at AXA, we believe in empowering people to live a better life and that is why we have joined this initiative and partnered with reliable platforms to bridge that gap.”

GCash chief data officer Jean-Francois Darre added, “We realized that the insurance needs of Filipinos were not being met due to the reliance of incumbent players on traditional distribution models, and the low awareness among Filipinos of the need for insurance. We want people to understand the benefits of securing their family’s future if something happens to them. We want to provide financial protection that they can afford and appreciate.”

Richard Leftley, CEO of MicroEnsure, said, “Providing insurance to the mass market has many challenges that can only be overcome through partnerships. We are excited to be utilizing our skills in creating, selling, and servicing insurance for the mass market which we have gained over the last 17 years to drive this partnership forward.”