GCash to launch new insurance offerings

MANILA, Philippines — Mobile wallet giant GCash plans to launch a slew of new insurance offerings this third quarter to bolster its current portfolio and address the evolving needs of consumers.

Through GInsure, GCash offers a one-stop shop for insurance products that is easy to understand and has a low premium, but offers comprehensive coverage like personal accidents, medical services, car insurance, income loss, and even online shopping, bills, cars and pets.

“With GInsure, we really aim to make insurance relevant to Filipinos and the only way that you can build relevance is by being relevant to their evolving lifestyles and needs,” GCash head of new business Neil Trinidad said in a briefing Monday.

With Filipinos becoming more conscious about the need to purchase insurance, Trinidad said GCash would continue to make it accessible for all by offering emerging needs.

To address these evolving consumer needs, he said GCash is set to further expand its insurance product offerings within the year.

“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower MSMEs to now finally avail of insurance for their employees at a fraction of the cost with all of the different plans and policies from our different partners,” Trinidad said.

Also to be introduced within the third quarter are insurance for travel, education, life variable universal life (VUL), and cyber protection.

“Now, many of us are travelling so being cooped up for two and a half years now we all want to go YOLO (you only live once) and travel, we’re going to be launching travel insurance on GInsure very soon. Education is so important and we want to make sure that more and more Filipino parents can secure the future education of their children, so education plans are coming soon,” Trinidad said.

“We’ll also be launching life variable universal life insurance plans on GCash, and of course, with more and more people on digital media channels today, the more important thing is to make sure they’re protected with cyber protection,” he said.

Trinidad said GCash would be onboarding more partners to make available these new offerings through GInsure.

Meanwhile, Trinidad said GCash is also working on its crypto product, which is also eyed for launch soon.

“We do see that there is a lot of interest in cryptocurrency despite the market being the way that it is today. So, you know, the facts show that around four percent of Filipinos have crypto today, but more than 50 percent want to consider buying crypto. So we do have a product in developments and that will be available very soon from GCash,” he said.