InsurTech startup firm Kwik.insure plans to launch its digital platform by the fourth quarter of this year to let Filipinos avail of insurance products from different insurers in an online insurance marketplace.
Access will be provided by the firm’s e-commerce platform for insurance products, according to a report by BusinessWorld.
“The country’s insurance penetration is at a very low rate of 1.67%… We aim to help hundreds of thousands in the near future, and drastically improve the insurance penetration rate,” Mr Hamilton Angluben, Kwik.insure founder, said.
Kwik.insure is in discussions with more than 20 insurers about forming partnerships.
“Insurance companies looking for a means to offer their entry-level products in one platform completely online, are welcome to partner with us. There are about 100 insurance companies in the Philippines and over 30 HMO (health maintenance organisation) providers, and we would love to have discussions with the rest of the industry,” Mr Angluben said.
The startup firm plans to include health, life, travel, mobile and automotive insurance products in the initial list, with all transactions online and “done within minutes.
The InsurTech company slso wants to reach countries in Southeast Asia and decided to first launch in the Philippines.