FINTQ of­fers sa­chet in­sur­ance for sari-sari store own­ers

The Philippine Star - - BUSINESS - By MARY GRACE PADIN

FINTQnolo­gies Corp., the fi­nan­cial tech­nol­ogy arm of Voy­ager In­no­va­tions, re­cently launched a “sa­chet” or “tin­gitingi” mi­croin­sur­ance prod­uct to help “sari-sari” store own­ers pro­tect their busi­nesses.

Dubbed as the KasamaKA Nego­sure, the prod­uct en­ables mi­croen­ter­preneurs to safe­guard their liveli­hood just by fill­ing out a form and avail­ing of mi­croin­sur­ance pack­age, elim­i­nat­ing heavy pa­per­work and doc­u­men­ta­tion which are usu­ally re­quired by in­sur­ance com­pa­nies.

“The sari-sari store is the so­cial pantry of ev­ery vil­lage across the coun­try, yet ma­jor­ity of the one-mil­lion strong neigh­bor­hood stores are out­side the reach of the fi­nan­cial sys­tem,” FINTQ man­ag­ing di­rec­tor Lito Vil­lanueva said in a state­ment.

“With this sa­chet in­sur­ance, we are ef­fec­tively bring­ing ac­cess to af­ford­able fi­nan­cial prod­ucts to mi­croen­trepeneurs through their most ubiq­ui­tous de­vice, their mo­bile phone,” he added.

The prod­uct was ini­tially of­fered to sari-sari store own­ers at the 10th An­niver­sary of Unilever’s Su­per!Store pro­gram. Around 500 Unilever’s Su­per!Store own­ers were pro­vided with Nego­sure cov­er­age.

In the com­ing months, FINTQ will an­nounce the full com­mer­cial avail­abil­ity of the prod­uct to the mar­ket.

FINTQ said Nego­sure would be made avail­able to all types of sari-sari stores, from big stores with 500 pieces of canned and bot­tle goods to small stores car­ry­ing be­low 199 pieces of goods.

The sa­chet prod­uct cov­ers the re­con­struc­tion of the store in case of a fire ac­ci­dent, and pro­vides cov­er­age for the store own­ers in case non-fire-re­lated ac­ci­dents.

Un­der Nego­sure, sari-sari store own­ers will be able to choose from three op­tions. These in­clude Plan 1200 with P100,000 re­con­struc­tion ben­e­fit and P200,000 per­sonal ac­ci­dent ben­e­fit for one year; Plan 480 with P40,000 re­con­struc­tion ben­e­fit and P80,000 per­sonal ac­ci­dent for one year; and Plan 25 with P20,000 re­con­struc­tion ben­e­fit.

Vil­lanueva said the prod­uct sup­ports Voy­ager and FINTQ’s “Road to 20 by 2020” goal of bring­ing 20 mil­lion Filipinos into the for­mal fi­nan­cial sys­tem by 2020, in line with the govern­ment’s na­tional strat­egy for fi­nan­cial in­clu­sion ob­jec­tives.

“FINTQ is in­tro­duc­ing Nego­sure to the mar­ket with a sim­ple yet pro­found goal in mind: en­sure that the un­banked and un­der­served will fi­nally be able to pro­tect their busi­ness from any ac­ci­dent and thus grow their busi­ness with­out be­ing bur­dened by the heavy cost of fi­nan­cial prod­ucts,” Vil­lanueva said.

He said the com­pany rolling out Nego­sure as part of its com­mit­ment to in­clude the un­banked and un­der­served pop­u­la­tion into the for­mal fi­nan­cial sys­tem through its broader move­ment KasamaKA.

Launched at the Bangko Sen­tral ng Pilip­inas last year, KasamaKA is a “grass­roots­based, self-help, and dig­i­tal­en­abled” so­cial in­ter­ven­tion and last-mile so­lu­tion to pro­mote fi­nan­cial lit­er­acy and in­clu­sive growth.

Un­der the KasamaKA, Filipinos can earn ad­di­tional income through re­fer­ral, as well as gain wider ac­cess to a savings ac­count and mi­croin­sur­ance for a min­i­mal fee and af­ford­able loans with the use of their mo­bile phones.

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