Startup launches online insurance selling center
INSURANCE technology (insurtech) startup Kwikinsure Corp. announced the launch of what it claims to be the “largest online insurance marketplace” in the country that features more than 100 products from 15 of the top insurance and healthcare providers in the Philippines.
Kwikinsure Founder and CEO Hamilton Angluben said the platform brings insurance products closer to Filipinos and simplifies the way people avail of insurance. The insurance marketplace is similar to popular online shopping platforms.
“Through the platform, Filipinos can now browse life and non-life insurance products online, providing them with greater transparency,” the company said. “All transactions are done online, which trims processing time from days to just five minutes.”
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to. Through Kwik.insure, Filipinos can easily compare, choose, and buy insurance products that fit their needs. They can be covered in as fast as five minutes,” Angluben said.
He explained that by designing Kwik.insure to be like an ecommerce platform, the company is reducing the negative perception around insurance.
“There is plenty of stigma around insurance. A lot of people perceive it to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase. The end-to-end process is 100 percent digital, and people are instantly protected the moment payment is confirmed. We are one of the first insurtech companies in Southeast Asia to be able to offer real-time coverage,” Angluben said.
E-policies are sold for as low as a straight payment of P130.
According to Insurance Commission (IC) Deputy Commissioner Randy B. Escolango the launch of Kwik.insure is a welcome development for the industry, as the government seeks to increase the insurance penetration and density in the country.
“The Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal. We hope that Kwikinsure will contribute to the advancement of the industry and help get more Filipinos adequately insured,” Escolango said.
Latest data from the commission showed that the Philippines has an average insurance density of $55, while insurance penetration is at a measly 1.67 percent. Globally, insurance density average is at $682, while penetration is at 6.09 percent.
Kwikinsure said it was granted by the IC a brokerage license to allow it to partner with “as many insurance companies as possible.”
“By doing so, we are able to offer our clients the widest array of products that match their budget and needs. We are grateful to the IC for the support and guidance they have given us right from the start. We are excited to collaborate and work closely with them,” Angluben said.
He noted that the group will “continuously” strike partnership agreements with more insurance and healthcare providers to offer more life, travel, and property insurance products in the platform.