Insurtech Gigacover and Generali Philippines, a leading player in the insurance industry, have teamed up to further democratize access to insurance in the Philippines.
With the partnership, Generali will be able to feature its wide-range of insurance products that are tailor-fit to the needs of Filipino consumers in Gigacover’s platform.
“Gigacover and Generali share the same vision and strategy of leveraging technology and making insurance more accessible to many people and varied industries. In an ever-changing world, the means to get insured also evolves. We will rely on our core strengths – Generali as a trusted, global insurance provider and Gigacover as a transformative platform – to provide Filipinos a more seamless and innovative approach to insurance,” Gigacover CEO and Co-founder Amerson Lin said.
Gigacover’s Freelancer Health Insurance is a comprehensive and tailored insurance solution designed specifically for the needs of freelancers and self-employed individuals. The insurance plan offers a range of benefits and coverage options to safeguard freelancers’ health and well-being while providing peace of mind in an ever-changing professional landscape.
With over 1,600 accredited hospitals and clinics, and more than 30,000 partner doctors nationwide, coverage options include confinement, doctor consultations, diagnostic tests, emergency care benefits, special procedures, new modalities of treatment, annual physical exams, and dental coverage. All of this is available for a low, annual, one-time payment of Php 11,188.
“We at Generali believe in developing comprehensive insurance products at affordable costs. Our partnership with Gigacover allows us to further democratize access to insurance products, driving insurance interest and acceptance, as a whole, in the Philippines,” Generali Vice President Grace Gelle said.
Data from the Insurance Commission (IC) showed that insurance penetration, which refers to the industry’s contribution to the economy, was at 1.72 percent in 2022, while insurance density, or the average spending of individuals on premiums, was still at P3,388.99.
The government recognizes the need to accelerate the development of the industry with no less than the Insurance Commissioner Reynaldo A. Regalado urging the sector to make insurance more accessible to more Filipinos.
Insurtech companies such as Gigacover are best positioned to develop insurance solutions that cater to the needs of the underserved segments of the economy, especially freelance workers and entrepreneurs.
Gigacover has integrated artificial intelligence (AI) and machine learning (ML) to help insurers analyze big data and identify risks quickly and accurately. As a result, risk assessment and management strategies become smart and impartial.
More than getting more Filipinos insured, Gigacover’s system is able to extract data from claims documents and images, calculate and check against limits, detect potential fraud and also decide if advance claims payouts can be done for specific customer groups. This yields higher client satisfaction and also lower loss ratios for the insurers.
“Our goal is to bring quality and affordable insurance closer to the underserved. Our partnership with Generali is a step toward this goal,” Lin said.