PayMaya Philippines has partnered with bolttech, a global Insurtech, in order to give Filipinos easier access to “affordable” microinsurance and services delivered “seamlessly on the PayMaya app with PayMaya Protect.”
Through the partnership, PayMaya‘s clients may benefit from relevant and “easy-to-understand” coverage in the PayMaya app’s Protect feature, “powered by bolttech’s … insurance exchange platform.”
The announcement also mentioned that the launch of PayMaya Protect is “part of PayMaya’s broader digital financial services thrust, which includes the establishment of Maya Bank, the most recent recipient of a digital banking license from the Bangko Sentral ng Pilipinas (BSP).”
PayMaya has been working cooperatively with bolttech in order to develop and introduce more flexible ‘sachet-sized’ insurance and products “better suited to the country’s predominantly young and underserved market.”
Among the very first products introduced via the app will be Personal Protect which covers dengue, COVID-19 and Permanent Total Disability, “offered through a partnership between PayMaya, bolttech, and the underwriter Pioneer Insurance & Surety Corporation.”
Mobile Protect will also be “available at launch, providing extensive mobile device services for cracked screens, water damage, and other incidents,” the announcement noted while adding that the purchase experience “offers an end-to-end checkout with an AI-driven diagnostic feature providing instant protection through the app, a first in the market.”
The announcement further noted:
“On top of affordability and ease of access, PayMaya Protect also offers customers more flexibility, giving them more choices and better control over their finances. The products allow a subscription model so that customers can choose when they need cover. For example, Mobile Protect is offered on a monthly basis, and health coverage bundles via Personal Protect can be secured on a minimum of three months with renewals based on their needs and budgets.”
“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them,” stated Shailesh Baidwan, President of PayMaya.
Baidwan added that their focus and goal is to bring more insurance and various other protection products “closer to the hands of every Filipino.” Their solid understanding of clients along with bolttech’s expertise will enable them to achieve this via the PayMaya app, he explained.
“We share PayMaya’s vision of empowering more Filipinos with convenient insurance products suited to their lifestyle needs. We are very excited to work with the PayMaya team to bring best-in-class digital products to their users, improving access to insurance for a new generation of customers,” stated Moritz Gastl, GM at bolttech Philippines.
Clients may register with PayMaya Protect offers in minutes. They are able to pay, view, manage and file claims on their policies “directly” via the PayMaya app. The completely digital and paperless process “makes insurance easy.”
Together, bolttech and PayMaya will aim to address the low insurance penetration rates in the Philippines, connecting consumers with more ways to protect “the things they value.” With flexible and affordable services offers available via an e-wallet, PayMaya and bolttech are “making it easier for Filipinos to access insurance products.”
As noted in the announcement, the Insurance Commission in the country revealed that insurance penetration, defined as “the premium volume as a share of Gross Domestic Product (GDP) or contribution of the insurance sector to the national economy,” remains low at 2.30% “as of March 2021.” Only 23% of adult Filipinos “have insurance coverage, according to the BSP 2019 Financial inclusion Survey.”