FINTQnologies Corp. (FINTQ), the financial technology arm of Voyager Innovations, Inc., is offering one million free microinsurance policies to unbanked and underserved Filipinos.
FINTQ said in a statement on Friday that it will provide one million microinsurance policies for free across 42,000 barangays under the KasamaKA Microinsurance Program.
The free microinsurance policy will be distributed from Feb. 26 to March 13. Insurance coverage periods arethree months, to be provided by FINTQ’s partner-insurers such as Pioneer Insurance, Malayan Insurance, Sunlife Financial, Country Bankers Insurance and Gotuaco del Rosario Insurance Brokers among others.
The beneficiaries are entitled to claims in case of death, disability, hospitalization and fire.
In the statement, FINTQ managing director Angelito M. Villanueva said the free microinsurance policies are part of the firm’s campaign to make known the importance of insurance among unbanked FIlipinos.
“The KasamaKA Microinsurance Program… will kick start a massive nationwide financial literacy campaign to educate millions of unbanked and underserved Filipinos on the importance of being financially secured and insured,” Mr. Villanueva said.
He added that having an insurance policy will provide Filipinos an additional source of financial assistance in case of a setback.
To avail of the free microinsurance, an individual has to register as a KasamaKA member. Once registered, Mr. Villanueva said, the policyholder will receive a code which will serve as insurance policy number.
To make an insurance claim, policyholders can call and provide the code number.
“We welcome KasamaKA as a national digital enabler towards achieving our goals to exponentially grow the country’s insurance penetration rate to 4% by year 2020 from 1.7% in 2017. This is the first of its kind initiative,” Insurance Commissioner Dennis B. Funa was also quoted as saying.
The national insurance penetration rate, measured as the share of premiums in gross domestic product, grew to 1.64% in 2017 from 1.61% in 2016.
The rollout is part of the company’s KasamaKA Ka-Barangay sa Kaunlaran initiative in partnership with Liga ng mga Barangay sa Pilipinas.
Voyager Innovations is PLDT, Inc.’s digital innovations unit. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Karl Angelo N. Vidal