Bankers Assurance Corporation and BanKO launch microinsurance products
MANILA, Philippines - BPI Globe BanKO recently signed an agreement with Bankers Assurance Corporation (BAC) to offer microinsurance products to accountholders of the country’s first mobile-based, microfinance- focused bank.
The partnership allows BanKO to provide its customers with innovative and affordable insurance products specifically designed for their needs by BAC. With flexible options, policyholders and their beneficiaries can choose the insurance plan that protects against financial shocks caused by accidental death, accidental medical expenses, fire damage and hospitalization.
“BanKO’s thrust for financial inclusion is not just limited to microsavings,” says John Rubio, president of BPI Globe BanKO. “We cater to the low-income market, who are the most vulnerable to risk yet have the least access or capacity to avail of protection. So we have come up with insurance products that give our customers the flexibility to choose a plan that fits their budget. We are working with Bankers Assurance Corporation, a subsidiary of the Malayan Group of Companies, because of their excellent track record in microinsurance, making them a dependable partner.”
Antonio Rubin, president of BAC, agrees. “This partnership will enable Bankers Assurance to tailor-fit and bring its microinsurance products closer to a market segment that remains un-served.”
The primary beneficiaries of the new microinsurance products will be LGUs, NGOs and humanitarian aid agencies that partner with BanKO. The insurance policy will be bundled with the BanKO savings account, providing the accountholder with automatic insurance coverage for one year.
