GCash underscores the significance of insurance in building security and certainty among Filipinos through GInsure

An inclusive and resilient future is made possible only by achieving solutions that cater to all sectors of society, even the traditionally underserved. In a world where risks may come in various forms, insurance steps in with solutions that address consumers’ needs for security while empowering and protecting them financially.

In a growing digital economy like the Philippines, consumers increasingly prefer services that are simple, instant, and accessible. Insurance should be no different. Insurance products and other financial services are evolving to meet growing demand by becoming more readily available through digital platforms.

In one of the panel discussions in this year’s BusinessWorld Economic Forum, GCash Insurance Partnerships and Business Development Head Jay Young shared why digital insurance is paramount to building financial inclusivity and a resilient future for the Philippines.

GCash, the country’s top financial super app, provides insurance products that are cost-effective and cover a wide range of consumer needs through GInsure. Launched in 2021, GInsure makes protection just a tap away. It features 58 insurance products tailored to different lifestyles, covering personal accidents, medical services, and much more.

At present, GInsure has successfully insured an estimated 20 million users with 55 million policies. Out of 90 million registered users of the app, about 60 million are eligible for its insurance products and services. The platform makes insurance products accessible at the tap of a button, partnering with 15 top insurance providers, such as Singlife Philippines, Sun Life, and Standard Insurance, among others, to protect Filipinos.

Through the years, GCash has become deeply embedded in Filipinos’ daily lives, and GInsure aims to do the same. As Mr. Young observed, the average Filipino purchases mobile load credits weekly. With this, GCash offers free health and accident insurance coverage for up to seven days to users who buy mobile load from the platform.

Moreover, he pointed out how GCash seeks to build the pathway for Filipinos to achieve security and certainty through insurance.

“We’re giving away free insurance with the hope that they will be able to understand this micro insurance product, so that one day, they will be able to have broader understanding on how insurance works, and they will be able to get a more comprehensive insurance for themselves. We want to be on that journey with our users,” Mr. Young said.

Beyond insurance, Mr. Young also noted how GCash makes inclusive and resilient growth possible among different communities when he observed fisherfolk benefitting from the app’s e-wallet functions and perks like the GCash card.

“For them, [the GCash card] is the first time something tangible has been named after them. They consider it as a key or a gateway to financial possibilities. Inclusion can be as simple as that. We realized in GCash inclusion should start with small things, [such as in] making people using the app feel proud of what they have. Once they experience that, they feel included,” Mr. Young said.

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