Kwik.insure introduces new affiliate program

The country’s largest online insurance marketplace Kwik.insure is introducing an affiliate program aimed at boosting insurance penetration and density.

The program encourages Filipinos to be affiliates, who are invited to promote Kwik.insure and be rewarded with referral fees for every successful transaction on its website.

Through the program, Kwik.insure hopes to help the insurance industry grow by increasing the insurance awareness in the country.

“We hope to strengthen the insurance industry by tapping ordinary Filipinos — anyone who has access to a digital platform — to break the stigma and misconception about insurance,” Kwik. insure founder and CEO Hamilton Angluben said.

“Through the program, we hope to encourage Filipinos to be our advocates, as learning is more effective when it comes from someone we trust or look up to,” he said.

The affiliate program is supported by the Insurance Commission (IC).

“We welcome the initiative of Kwik.insure to help increase the insurance awareness in the country and get more Filipinos insured. Having more people promoting the importance of insurance is a progressive strategy to uplift the industry as a whole. We wish them success on the launch of their affiliate program,” IC commissioner Dennis Funa said in a statement.

The Philippines is still far behind the global benchmarks for insurance penetration and density, according to Kwik.insure.

Data from the IC showed that the country’s insurance penetration (total premiums sold over GDP) stands at 1.69 percent, while the global average is at 6.09 percent.

Insurance density (insurance premiums per capita), on the other hand, is only $55, while the global average is at $682.

“We really have a long way to go, but we believe that through the affiliate program, we will be able to encourage more Filipinos to get insured, especially during these trying times,” Angluben said.

The program is also aimed at providing ordinary Filipinos with an additional revenue stream.

Kwik.insure said affiliates could earn extra income by simply referring people to buy insurance on the online marketplace.

It said referral fees start at three percent and can go up to 10 percent of net premiums, depending on the product.

Applicants will only need to fill out a personal information form and input their payment details for the referral fees, which will be credited each month.

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