INSURANCE technology (insurtech) startup Kwik.insure on Tuesday launched an electronic commerce (e-commerce) platform for insurance products in the Philippines.
In a statement, Kwik.insure said over 100 life and nonlife insurance products from 15 of the Philippines’ top insurance and health care providers are available on what was dubbed the country’s largest online insurance marketplace.
The insurtech startup partnered with 15 insurance providers including Sun Life of Canada (Philippines), Inc. and Malayan Insurance Co. Inc. to offer a wide range of insurance products to Filipinos.
All transactions are done online and users will receive their e-policies directly from the insurance companies, cutting down processing time from days to just five minutes.
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to. Through Kwik.insure, Filipinos can easily compare, choose and buy insurance products that fit their needs. They can be covered in as fast as five minutes,” said Hamilton Angluben, Kwik.insure founder and chief executive officer.
By creating a transparent and easy-to-understand platform, Kwik.insure is helping remove the negative perception around insurance. Payment options include VISA and Mastercard credit and debit cards, over-the-counter channels, banking apps and e-wallets.
Kwik.insure said, for instance, a user may purchase a Vital Cover (Covid-19 Cash Assistance Benefit) from Malayan Insurance via the online marketplace for only P130 by simply signing in, clicking on the insurance product and checking out.
“There is plenty of stigma around insurance. A lot of people perceive it to be complicated, unaffordable and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase. The end-to-end process is 100 percent digital and people are instantly protected the moment payment is confirmed. We are one of the first insurtech companies in Southeast Asia to be able to offer real-time coverage,” Angluben added.