INSURANCE TECHNOLOGY startup Kwik.insure has launched an online platform where users can compare and select products for their personal needs.
The firm tied up with local insurance firms including Sun Life Philippines and Malayan Insurance Co. to offer a wide range of products for Filipinos.
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to,” Kwik.insure Founder and CEO Hamilton Angluben was quoted as saying in a statement.
The platform allows users to transact digitally and enables them to receive e-policies directly from insurance companies within a few minutes. Users can pay through credit and debit cards, over-the-counter options, banking apps, and e-wallets.
Kwik.insure said it has applied for a brokerage license from the Insurance Commission to allow them to tap more insurance companies. They are eyeing to add more partners to enhance product offerings within the platform.
Among the firm’s current offerings is a COVID-19 Cash Assistance Benefit from Malayan which costs P130.
“A lot of people perceive it [insurance] to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase,” Mr. Angluben said.
Moving forward, Kwik.insure plans to include more product categories within the platform, such as life, travel, and property insurance.
For his part, IC Deputy Commissioner Randy B. Escolango said they welcome the online platform as consumer behaviors change due to the pandemic.
“The Insurance Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal,” Mr. Escolango was quoted as saying in the statement. — LWTN