Insurtech firm sees opportunities in local market

INSURANCE technology (insurtech) company Kwik.insure hopes to take advantage of the booming state of financial technology in the Philippines as it seeks to provide a dedicated digital platform for multiple insurance products.

In a statement on Wednesday, Kwik. insure said it saw opportunities to grow its business, as insurance penetration remained low in the country.

“The Philippines has such a long way to go. To be at par with the rest of the world, we need to grow by 1,100 percent and 300 percent in terms of density and penetration, respectively,” Kwik.insure founder and Chief Executive

Officer Hamilton Angluben was quoted as saying in the statement.

“Insurance has the stigma of being expensive, complicated and hassle to purchase. It is a huge challenge, but therein lies the opportunity also for innovation,” he added.

“With the rise of financial technology platforms due to the ‘new normal,’ now would be the best time for insurtech companies to help bridge the gap,” said the official, who is the former general manager of Cashalo.

Angluben is upbeat his company could help Filipinos have better access to insurance products through its online insurance marketplace.

Through the digital platform, also called Kwik.insure, Filipinos could browse through different types of insurance products from various insurance companies. Initially, insurance lines will be health, life, travel, mobile and automotive.

The firm said acquiring an insurance offering would be paperless, as all transactions would be done online.

“We will be partnering with all insurance companies that want to innovate and digitize their products, as well as working closely with the Insurance Commission to ensure proper regulation and compliance,” Angluben said.