INSURANCE PLATFORM Kwik.insure is working with GCash to allow car owners to buy policies through the financial technology platform.

Kwik.insure said car owners will be able to buy compulsory third-party liability and comprehensive car insurance policies through GCash.

“There’s a consistent rise in car ownership here in the country and it has motivated us to further aid Filipinos when it comes to ensuring their safety and security on the road,” Kwik.insure Chief Executive Officer Hamilton Angluben said in a press release on Sunday.

The service could be accessed through GInsure in the GCash mobile application.

“After clicking on their preferred insurance policy, they just need to provide the complete details of their vehicle to see all their options,” Kwik.insure said.

The insurance technology startup launched its online platform earlier this year, allowing users to receive e-policies directly from insurance companies.

GCash President and Chief Executive Officer said the new partnership aligns with the company’s aim to democratize financial services.

Car sales grew by 14% year on year to 26,456 units in November, data from the Chamber of Automotive Manufacturers of the Philippines, Inc. and Truck Manufacturers Association showed.

Vehicle sales as of November exceeded last year’s sales total after the industry sold 240,642 units in the first 11 months, up by 22.7% from the 196,197 units sold during the same period last year.

Total industry sales plummeted by 40% year on year to 223,793 units in 2020 due to the lockdowns declared to curb the pandemic. — J.P. Ibañez

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