PayMaya offers microinsurance

MANILA, Philippines — PayMaya Philippines has tapped  leading international insurtech bolttech to make insurance more accessible for Filipinos.

Through the PayMaya app, the company plans to  seamlessly deliver  affordable microinsurance and services products .

“Our goal is to bring more insurance and other protection products closer to the hands of every Filipino. Our deep understanding of our customers combined with bolttech’s leading-edge expertise will enable us to achieve this through our top-rated and reliable PayMaya app,” PayMaya president Shailesh Baidwan said.

PayMaya said it has been working with bolttech to develop and introduce more flexible “sachet-sized” insurance and services products better suited to the country’s predominantly young and underserved market.

Among the first products launched on the app is Personal Protect which covers dengue, COVID-19, and permanent total disability, offered through a partnership between PayMaya, bolttech, and the underwriter,  Pioneer Insurance & Surety Corp.

Also available is Mobile Protect, which provides extensive mobile device services for cracked screens, water damage and other incidents.

On top of affordability and ease of access, PayMaya Protect also offers more flexibility, giving customers more choices and better control over their finances.

PayMaya said the products allow a subscription model so that customers can choose when they need cover.

Mobile Protect, for example, is offered on a monthly basis, and health coverage bundles via Personal Protect can be secured on a minimum of three months with renewals based on their needs and budgets.

“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them,” Baidwan said.

PayMaya said the launch of PayMaya Protect is part of the company’s broader digital financial services thrust, which includes the establishment of digital bank Maya Bank.

Customers can sign up to PayMaya Protect offers in just a matter of minutes and they can also pay, view, manage and file claims on their policies directly in the PayMaya app.

The completely digital and paperless process makes insurance easy, according to PayMaya.

By teaming up,  bolttech and PayMaya seek to address the low insurance penetration rates in the country, connecting people with more ways to protect the things they value.

“We share PayMaya’s vision of empowering more Filipinos with convenient insurance products suited to their lifestyle needs. We are very excited to work with the PayMaya team to bring best-in-class digital products to their users, improving access to insurance for a new generation of customers,” bolttech Philippines general manager Moritz Gastl said.