THE collaboration between Malayan Insurance Co. Inc. and GCash has resulted in the public’s enthusiastic embrace of the former’s pet as well as travel insurance products.
The partnership was so fruitful that Malayan Insurance registered its micro and small business insurance product with GCash, a digital payment system.
Malayan Insurance is the country’s leading nonlife insurance company, while the largest digital payment app in the Philippines right now is GCash of Globe Telecoms.
Pet Insure, a specialized pet insurance plan available via the GCash app on the micro-payment service, was first introduced in March 2022 and has sold over a million policies on the GInsure platform last year.
Malayan Insurance registered its micro and small business insurance product with GCash to make insurance products more accessible to Filipinos using easily available channels. CONTRIBUTED PHOTO
A little more than half of the total client base chose annual pet coverage, then one-month coverage, and the final quarter was split between three months and six months of coverage.
Meanwhile, GCash users demonstrated their preference for Malayan’s Travel Master, with over P3 million worth of sales production in its first three months of availability on the platform.
“We are very pleased with the market’s warm reception toward our Pet Insure and Travel Master products on the GCash platform. Our strong performance proves that our efforts to make insurance products more accessible to Filipinos using easily available channels are making a difference,” Malayan Insurance President and CEO Paolo Abaya said. He likewise reported that Malayan recently launched Negosyo Insure on the e-wallet platform.
Malayan Insurance is part of the Yuchengco Group of Companies, one of the largest conglomerates in the country. Besides winning the Domestic General Insurer of the Year and New Insurance Product of the Year for Pet Care from the Insurance Asia Awards, Malayan also received a financial strength rating of B++ (good) and a long-term issuer credit rating outlook of “BBB+” (stable) from insurer rating organization A.M. Best.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.