DIGITAL-FIRST insurer Oona Insurance Corp. (Oona Insurance Philippines) has launched health plans with peso- and dollar-denominated variations that also provide travel coverage.

Oona Purple Shield and Oona Global Shield provide instant quotations and same-day policy issuance, real-time claim tracking with summaries, online access to policy details, utilization and claims, paperless onboarding with e-signatures, and fully digital overseas claims.

Both policies are available for individuals from 15 days old up to 99 years old and can be renewed up to age 100.

Oona Insurance Group Product and Underwriting Head Manik Bucha said during the launch on Wednesday that the products are meant to address customer demand for faster policy processing and travel coverage.

“One of the key differentiations for when we were building the product was to make it fast. This is already a harrowing experience for consumers altogether, so we wanted to make sure that this is a digital-first experience for the customer. That’s what the customer prefers,” he said.

“Either you get a worldwide plan, or you get a Filipino plan. There’s nothing in between. And we made sure that at the right price, there was an option made available to the customers who want to avail of that choice.”

Oona Purple Shield, which is peso-denominated, provides coverage from P1 million to P5 million, including multi-trip travel coverage of up to 30 days per trip with a 30-day waiting period for accidents.

It also includes mental health coverage, COVID-19 vaccine allowance, and comprehensive emergency benefits.

Payment plans start at P10,000 annually.

Meanwhile, Oona Global Shield is dollar-denominated and has coverage plans ranging from $500,000 to $2 million, with optional co-payment plans at either $1,000, $2,000, and $5,000.

It has worldwide coverage with the option to exclude select countries for up to 25% savings. Worldwide travel protection includes baggage delay, loss of gadgets, trip termination, and flight delay, among others.

The policy has a 30 day-waiting period for claims release, except for accidents. Meanwhile, maternity benefits have a 12-month waiting period.

The plan likewise includes mental health support, as well as HIV/AIDS coverage, congenital conditions, newborn coverage, bariatric surgery (after three years), and hospice care.

Mr. Bucha said the products also target to serve Filipinos’ demand for health coverage as the country is a health maintenance organization (HMO)-driven market.

“So, I think from a challenger standpoint…, when we were building this or thinking about launching the proposition, I think the challenge was… how do we ensure this product is accessible?”

Oona Insurance Philippines booked a net loss of P205.94 million last year, while premiums earned stood at P939.53 million, latest Insurance Commission Data showed. Its gross written premiums stood at P1.87 billion.

The company has said it expects to be profitable by next year. — Aaron Michael C. Sy

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