Homegrown insurance technology startup Kwik.insure has launched an online insurance marketplace.
The insurance marketplace has over 100 life and non-life insurance products from 15 of the Philippines’ top insurance and healthcare providers, Kwik.insure said in a statement.
Through the digital platform, the tech startup said Filipinos can gain democratized access to insurance products that are tailored for their needs.
Similar to popular e-commerce platforms, consumers are able to select, search, and compare different insurance offerings through the platform.
Kwik.insure said it has partnered with 15 insurance providers to offer a wide range of insurance products to Filipinos.
The tech startup’s partners include Sun Life and Malayan, the largest life and non-life insurers in the country.
All transactions are done online and users will receive their e-policies directly from the insurance companies, cutting down processing time from days to just five minutes, it said.
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to.
Through Kwik.insure, Filipinos can easily compare, choose, and buy insurance products that fit their needs. They can be covered in as fast as five minutes,” said Kwik.insure founder and CEO Hamilton Angluben.
“There is plenty of stigma around insurance. A lot of people perceive it to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase,” Angluben said.
He said the end-to-end process through the platform is 100% digital, and people are instantly protected the moment payment is confirmed.
“We are one of the first insurtech companies in Southeast Asia to be able to offer real-time coverage,” Angluben said.
For its part, the Insurance Commission (IC) welcomed the development, as Kwik.insure shares its mission of scaling the insurance density and penetration in the country.
The IC recently approved Kwik.insure’s brokerage license.
IC Deputy Commissioner Randy Escolango said the commission is optimistic about the latest technological advancement in insurance, as the country continues to transition to the new normal.
“The Insurance Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal. We hope that Kwik.insure will contribute to the advancement of the industry and help get more Filipinos adequately insured,” Escolango said.
Angluben explained that Kwik.insure applied for a brokerage so that it could partner with as many insurance companies as possible.
“By doing so, we are able to offer our clients the widest array of products that match their budget and needs. We are grateful to the Insurance Commission for the support and guidance they have given us right from the start. We are excited to collaborate and work closely with them,” Angluben said.
Kwik.insure said it is continuously partnering with more insurance and healthcare companies to add more products to its platform.
Life, travel, and property insurance categories will also be made available soon, it said.
Payment options include VISA and Mastercard credit and debit cards, over-the-counter channels, banking apps, and e-wallets, it added.