November 21, 2021

Improved digital infrastructure increases financial literacy.

Further advancements in digital infrastructure, as well as the incorporation of financial literacy into the basic education system, are expected to aid in the country’s financial literacy.

Insular Life (InLife) chief marketing officer Gae Martinez responded to emailed questions from the Philippine News Agency (PNA) by saying the company supports the government’s initiative to reach more uninsured and underinsured Filipinos through financial literacy.

“We applaud (the) government’s efforts to strengthen our digital infrastructure because we believe it is an important way to reach more people, particularly in remote areas where financial literacy is lacking.” “Strengthening our digital infrastructure also opens the door to more collaborations with insurtech and fintech companies, which helps to alleviate concerns about the number of unbanked Filipinos,” she said.

Inlife recently announced a partnership with Maria Health, the country’s online health insurance marketplace. The collaboration gives the largest Filipino-owned insurance firm a seat on the board of the tech firm.

Martinez also emphasized the significance of incorporating financial literacy into the basic education system, noting that corporate foundations have been collaborating with the Department of Education (DepEd) to develop financial literacy programs.

“Financial preparedness should be deeply ingrained in our youth in order to ensure their financial security in the future,” she said.

For example, Martinez stated that the Insular Foundation, in collaboration with Adarna House, has created four storybooks to teach the value of saving and entrepreneurship to students in Kindergarten through Grade 4.

She stated that 20,000 copies of the books have been distributed to public school students.

The company’s financial literacy initiatives also include women empowerment through the InLife Sheroes program, as well as teacher empowerment, which is being expanded with the assistance of PLDT’s Gabay Guro program, among other things.

Martinez stated that Filipinos’ financial literacy has improved, citing increased awareness of financial preparedness.

This occurred “because insurance has become more accessible to many people, and people have purchased insurance through these new channels,” she explained.

Aside from insurance agents, Martinez stated that people can purchase insurance products from insurance companies’ websites, e-commerce sites such as Lazada and Unionbank Marketplace, and mobile wallets such as GCash.

“Our subsidiary Insular Health Care has also made their products more accessible to Filipinos by selling prepaid insurance cards on their website,” she explained.

According to a recent study by a leading professional services firm, SGV, Filipinos’ awareness of the need for life and health protection increased during the pandemic.

According to the study’s findings, approximately 74% of those who said they are affected by the pandemic are millennials or those younger than 44 years old.

“They have expressed a desire to address their finances as a result of their pandemic experiences by saving more, making emergency plans, and purchasing new forms of insurance coverage,” Martinez added.

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