NextGen Day

MANILA, Philippines — The government’s push for digitalization and the use of technology in various procedures is expected to help the Philippines’ financial inclusion efforts while also increasing insurance penetration.

Insular Life vice president and head of digital sales distribution Geraldine Pascual said the epidemic boosted companies’ resilience in terms of using digital platforms and processes, among other things, at a virtual briefing on Wednesday.

According to Pascual, this is a positive for the insurance business because as consumers get more expertise and comfort with digital financial transactions, their desire to obtain insurance coverage increases.

They “saw this trend toward broad use” of technology-based transactions, she said.

“The main lesson here is that technology will enable us to achieve our goal of increasing financial inclusion for more Filipinos.” “Technology will help pave the road for insurance to become more accessible to the majority of Filipinos (and) to accomplish our dreams in InLife – for every Filipino to be financially protected and for no one to be left behind,” she said.

Insurance penetration in the country remains low compared to other countries in the region, at roughly 2% of the entire population, according to authorities and insurance executives.

Prior to the epidemic, they claimed that the insurance industry’s development was being boosted by the domestic economy’s ongoing progress.

During the pandemic, however, the need for insurance protection grew, they noted.

InLife officials said their company’s collaboration with GCash allowed the latter to register PHP196 million in transactions in 2021 alone during the same conference.

Nina Aguas, chairwoman of InLife, said the partnership with GCash is “by far the broadest net we are casting in our financial inclusion agency for women.”

“GCash removes barriers for millions of unbanked people to access financial services and health care in the most convenient and secure way possible,” she said.

InLife offers no-medical-examination term life insurance and accident insurance through the GCash app.

InLIfe also makes prepaid cards from its health business, Insular Health Care (IHC), available through the app, as part of its mission to promote financial inclusion and women’s empowerment through technology.

According to Tricci Rose Sadian, head of Insurance Health Care’s Sales and Marketing Division, almost 70% of their clients are women, and “we must take seriously that women today have a tremendous impact in the economy.”

“Women are gaining a better understanding of money.” Part of that understanding is the link between financial and personal health since “bad health and financial problems can go hand in hand,” she explained.

“Women understand that investing in their health is critical for creating resilience against future financial health,” she added.

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