Manulife joins online insurance marketplace

MANILA, Philippines — Manulife Philippines, the local unit of Manulife Financial Corp., has joined an online insurance marketplace for some of its products amid the growing demand for digital services.

It recently partnered with Kwik.insure, an online marketplace that digitalizes insurance distribution and aims to accelerate insurance inclusion through technology.

This makes Manulife the first global life insurance brand on Kwik.insure and the only insurer to offer variable-linked insurance products with rewards.

Manulife Philippines chief partnership distribution oficfer Neil Bowyer said the firm is focused on making its products more digitally accessible to Filipinos.

Kwik.insure, for its part, noted that it would leverage its most valuable technologies to ensure that Filipinos get access to relevant insurance solutions that can help them.

“This, in turn, can help us achieve our goal of bridging the insurance gap in the country, and make getting insured easy and reliable for all Filipinos,” Kwik.insure CEO Hamilton Angluben said.

A recent Manulife survey showed that 33 percent of millennials and 25 percent of Gen Z bought insurance in the last 12 months. Another 41 percent of them also intend to buy insurance online in the next 12 months.

The survey also showed that top insurance products purchased by the younger generation in the last 12 months include life insurance and medical insurance, both at 28 percent each.

Also included are investment-linked insurance, education, and retirement plans.

Most Filipinos cited convenience, sense of security, and protection as to the top reasons they bought online insurance across segments.

Manulife aims to address Filipinos’ increased appetite for digitally enabled insurance and investments by making protection more accessible online.

With the partnership, Manulife will make available three insurance products on Kwik.insure that are customizable based on priorities and budget with add-ons such as investments.

These are life insurance plan Manulife FutureBoost, health insurance plan Manulife HealthFlex, and investment-linked insurance plan Manulife Horizons.

Kwik.insure is a fully licensed brokerage that distributes insurance through its own online marketplace, e-wallets, e-commerce sites, as well as physical retailers and dealerships.