A tech startup is planning to launch an online insurance market in the Philippines by the fourth quarter of the year, betting that Filipinos will seek alternative financial products amid the new coronavirus disease (COVID-19) pandemic.
Known as Kwik.insure, the company plans to address the low penetration rate of insurance products, which currently stands at less than 2 percent.
“It is a huge challenge but therein lies the opportunity also for innovation,” said Kwik.insure founder and CEO Hamilton Angluben, a former general manager of mobile credit app Cashalo.“With the rise of financial technology platforms due to the ’new normal,’ now would be the best time for insurtech companies to help bridge the gap,” he added.
The company faces challenges as families are expected to tighten their belts with the economy poised to enter a recession because of the pandemic.Kwik.insure noted the industry was facing the stigma of being expensive and complicated. But it hoped to lure customers with technology and an accessible platform.
For example, customers can browse through and compare different types of insurance products from multiple insurance companies. All transactions would be done online and completed in minutes.Initially, the insurance lines would be health, life, travel, mobile and automotive, Kwik.insure said. INQ