Between January and December 2021, Insular Life (InLife) recorded P196 million in GCash transactions. This was based on 46 thousand transactions made using the GCash app for payments for various InLife insurance products. But the relationship between InLife and GCash is about more than just collecting premium payments; it’s about inclusion.
“Our partnership with GCash, the largest FinTech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way,” said InLife Chairperson Nina D. Aguas during the formal launch of InLife’s partnership with GCash.
InLife term life insurance and accident insurance plans that do not need medical examinations have been available through GCash since last year. It also made the affordable emergency prepaid cards of its health subsidiary, Insular Health Care (IHC), available through GLife. The move is in line with InLife’s advocacy of promoting financial inclusion and empowering women through technology
Empowering Women through Financial Inclusion
“The Covid-19 pandemic has transformed public opinion and behavior in favor of obtaining proper healthcare and insurance coverage. “And data shows that active seekers are women, not necessarily for themselves, but for their husbands, children, or parents,”according to Ms. Nina D. Aguas is the Executive Chairperson of The Insular Life Assurance Company. She stated that GCash is ideal for improving the health and financial stability of larger communities, particularly those who are financially disadvantaged, due to its reach and widespread
GCash President and CEO Martha Sazon noted during the occasion that their relationship with InLife has allowed them to provide everyday Filipinos with affordable and accessible insurance coverage.
“Through InLife and InLife HealthCare, they now have access to appropriate products ranging from life insurance to health care coverage.” We’re offering more Filipinos the opportunity to get insured more quickly and easily, giving them and their families peace of mind,” she said.
Ms. Sazon pointed out that their relationship with InLife provides GCash consumers with another important and timely service.
“This is another step forward in our goal of financial inclusion,” she said, “where we try to make financial services more accessible to all Filipinos, particularly the unbanked and underbanked.”
Ms. Sazon stated that their collaboration comes at a critical juncture in GCash’s history, as the company’s user base has grown to over 55 million people, or more than 70% of the adult population in the Philippines.
“They now have access to digital financial services through our app, even though bank penetration remains low.” “People now think of GCash as a digital life hack and more than just an e-wallet,” she said, adding that app usage is at an all-time high.
Inspired by the Sheroes Movement
IHC President and CEO Noemi G. Azura disclosed that their experience in the InLife Sheroes Movement, InLife’s women’s advocacy program, made them realize the importance of digital channels to reach Filipino women.
In a nationwide study conducted by InLife in 2018 for its Sheroes program, it learned that Filipino women are the primary caregivers in the family, including extended ones.
“We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for life and health for their family,” Ms. Azura said.
She added that digital technology is effective in terms of promoting awareness about the program, and in delivering educational activities on health and personal finance.
Ms. Sazon said that they are celebrating their partnership at a special time – Women’s Month.
“While tech is not usually a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employee base,” she said.
Addressing Challenges in Financial Inclusion
During the event, officials from InLife and GCash discussed the issues of financially empowering women and how the two companies may work together to address them. Through this also I acquired so much knowledge and the discussion is very informative. It tackles the role and importance of women in our society very relevant in today’s celebration of Women’s month.
Insular Health Care Head of Sales and Marketing Division Tricci Rose A. Sadian; InLife Vice President and Head of Digital Sales Distribution Geraldine G. Pascual; and GCash Assistant Vice President and Head of Financial Services, Distribution, BPO & CICO for Enterprise Kim Pineda shared their insights on financial inclusion for women. They also discussed the various products and services of InLife and GCash that cater to women.
“It is our hope that millions of Filipinos will enjoy peace of mind knowing that they have life and health insurance coverage for themselves and their loved available through GCash,” Ms. Aguas said as she concluded her speech during the event.
About The Insular Life Assurance Company, Ltd
Insular Life (InLife) is the first, largest, and only mutual Filipino life insurance company in the country with over 111 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.
As a mutual life insurance company, our accountability is to our policyholders. They can be assured of being protected by a company that has an asset base of over P148 billion and net worth of P37 billion. We have a nationwide presence in 53 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the growth and security of our partners, policyholders and beneficiaries, because we exist to offer a lifetime for good for everyone. For more information, visit www.insularlife.com.ph.
About GCash
GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1.3k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 4.5M partner merchants and social sellers; cash-in and cash-out at over 170k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 55 million Filipinos in the country today.
