AXA taps Mynt, MicroEnsure for digital insurance coverage

To give Filipinos better and convenient access to quality insurance products, AXA Philippines, one of the country’s leading insurance providers, has partnered with digital platforms Mynt and MicroEnsure to offer a comprehensive suite of insurance products and strengthen financial inclusion in the Philippines through GCash Insure. Mynt is a fintech company while MicroEnsure is an insurance technology service provider.

Through the partnership, AXA will be able to provide valuable financial protection in the event of hospitalization, accident and/or death. Sold through GCash, GCash Insure is a new comprehensive insurance product with life and personal accident (PA) insurance of up to P200,000 and daily hospital income (DHI) insurance up to P10,000.

“It is of utmost importance to feel financially secured, especially during unfortunate events that no one saw coming. However, a vast majority of Filipinos believe that insurance is expensive or can’t afford to get insurance for themselves or their families,” said Rahul Hora, president and CEO of AXA Philippines. “Here at AXA Philippines, 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.”

JF Darre, chief data officer at Mynt, which runs GCash, 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.”

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 Insure can help Filipinos have insurance for themselves and their families at an affordable monthly or annual premium that will be deducted from their GCash accounts depending on the customer’s preferred and agreed upon payment frequency.

AXA Philippines is the underwriter of GCash Insure and is responsible for payment of all valid claims.