InLife, Gcash partnership makes financial service more accessible
InLife, GCash partnership makes financial service more accessible
Insular Life (InLife) recorded P196 million worth of transactions made through GCash from January to December 2021. This came from forty-six thousand transactions that were recorded using the GCash app for payments for various InLife insurance products.
But more than a channel to collect premium payments, the partnership between InLife and GCash serves a more meaningful purpose – inclusion.
“Our partnership with GCash, the largest FinTech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way,” said InLife Chairperson Nina D. Aguas during the formal launch of InLife’s partnership with GCash.
InLife term life insurance and accident insurance plans that do not need medical examinations are now available through GCash since last year. It also made the affordable emergency prepaid cards of its health subsidiary, Insular Health Care (IHC), available through GLife. The move is in line with InLife’s advocacy of promoting financial inclusion and empowering women through technology
Empowering Women Through Financial Inclusion
“The Covid-19 pandemic has shifted the attitudes and behavior favorably toward getting adequate healthcare and insurance coverage. And data shows that it is the women who are active seekers not necessarily for themselves, but for their husbands, children, or parents,” Ms. Aguas pointed out.
She noted that because of its reach and wide use, GCash is very suitable in influencing the health and financial security of the bigger communities, especially those who are financially excluded.
In her message during the event, GCash President and CEO Martha Sazon said that their partnership with InLife has enabled them to bring affordable and accessible insurance coverage to everyday Filipinos.
“This has allowed them access to relevant products ranging from life insurance to health care coverage through InLife and InLife Health Care, respectively. We are providing more Filipinos access to get covered more quickly and conveniently, giving them and their loved ones peace of mind,” she said.
Ms. Sazon pointed out that their partnership with InLife is also bringing another much-needed and timely service for GCash users.
“This is another step forward in our pursuit of financial inclusion – where we strive to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked,” she said.
Ms. Sazon shared that their partnership comes during a significant point in GCash’s history when its user base has grown to over 55 million or over 70 percent of the adult population in the Philippines.
“Through our app, they now have access to digital financial services – even as the banking penetration remains low. Usage of our app is at an all-time high, as people now think of GCash as a digital life hack and more than just an e-wallet,” she said.
Inspired by the Sheroes Movement
IHC President and CEO Noemi G. Azura disclosed that their experience in the InLife Sheroes Movement, InLife’s women’s advocacy program, made them realize the importance of digital channels to reach Filipino women.
In a nationwide study conducted by InLife in 2018 for its Sheroes program, it learned that Filipino women are the primary caregivers in the family, including extended ones.
"We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for life and health for their family,” Ms. Azura said.
She added that digital technology is effective in terms of promoting awareness about the program, and in delivering educational activities on health and personal finance.
Ms. Sazon said that they are celebrating their partnership at a special time – Women’s Month.
“While tech is not usually a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employee base,” she said.
Addressing Challenges in Financial Inclusion
During the launch, InLife and GCash executives also took the time to discuss the challenges of financially empowering women and how both companies can address them.
Insular Health Care Head of Sales and Marketing Division Tricci Rose A. Sadian; InLife Vice President and Head of Digital Sales Distribution Geraldine G. Pascual; and GCash Assistant Vice President and Head of Financial Services, Distribution, BPO & CICO for Enterprise Kim Pineda shared their insights on financial inclusion for women. They also discussed the various products and services of InLife and GCash that cater to women.
“It is our hope that millions of Filipinos will enjoy peace of mind knowing that they have life and health insurance coverage for themselves and their loved available through GCash,” Ms. Aguas said as she concluded her speech during the event.
Other News & Press Releases
Insular Life (InLife) Executive Chairperson Nina D. Aguas was one of the featured speakers during the recently-held 2023 ACGS (ASEAN Corporate Governance Scorecard) Workshop for Insurance Companies, sponsored by the Institute of Corporate Directors.
Insular Foundation, the corporate social responsibility arm of Insular Life (InLife), recently welcomed 26 new scholars who are taking up Science, Technology, Engineering and Mathematics (STEM) courses.
Insular Life, the country’s first and largest Filipino-owned life insurer announced a 35 percent gain in its consolidated net income as it rode on the back of strong consumer spending with the local economy opening post pandemic.
Insular Life (InLife) and UnionBank recognized 147 individuals nationwide for championing bancassurance’s mission of helping more Filipinos secure the best future for themselves and their families.
Insular Life (InLife) has appointed Stephen L. Ong as its Executive Vice President and Chief Agency Officer (CAO).