Tech startup plans online marketplace for insurance

MANILA, Philippines — A tech startup is in talks with more than 20 insurance companies in the hopes of bringing their various products together in an online insurance marketplace it plans to launch in the fourth quarter.

“We are in discussions with over 20 insurance companies such as Sun Life for life insurance, and Standard Insurance for non-life,” said Kwik.insure founder Hamilton Angluben, a former general manager of mobile credit app Cashalo.

Kwik.insure is a platform where Filipinos could browse through different types of insurance products from multiple insurance companies.

Angluben said there are about 100 insurance companies in the Philippines and above 30 HMO providers to date.

“We would love to have discussions with the rest of the industry,” he said.

Initially, the insurance lines will be health, life, travel, mobile, and automotive.

Angluben said Kwik.insure plans to bring onboard more providers to offer Filipinos with a variety of insurance products that best suit their needs.

“Through our platform, we are providing Filipinos with democratized access to insurance products, something that was previously either unavailable to them, or they are just too afraid of checking. With our platform, they can be educated about the different types of insurance products and purchase the ones that fit their needs,” he said.

Based on the latest data from the Philippine Insurance Commission, the Philippines only has an average insurance density of $55, while insurance penetration is at 1.67 percent, Angluben said.

He said this poses a challenge for the local insurance industry to keep up with the global average, even as the industry continues to grow with the increasing number of new policies every year.

But with the advent of new technology and the spread of digital innovation, he said insurance technology could rise to bridge these wide gaps.