Gigacover, a Singapore-based insurtech company, marked its first year of operations in the Philippines with a 35% month-on-month (MoM) growth in revenues coming from its services and digital insurance and healthcare products powered by its insurer and healthcare partners.
“Despite increased awareness on insurance due to the impact of COVID-19, the current penetration rate in the country remains significantly low at about 2%,” Amerson Lin, CEO and co-founder of Gigacover. “While more Filipinos are now educated about the need for protection, this also shows us that accessibility is still a gap that needs to be addressed.”
The growth in the Philippines was driven by innovative products that addressed new market challenges in the country. In partnership with Etiqa Philippines, Gigacover introduced the Freelancer Earnings Protection (FLEP), the first income protection for freelancers in the market and Southeast Asia, in response to the rise of gig economy, and the comprehensive Employee Benefits plan for organizations looking for competitively priced healthcare benefits packages for their formal and informal workforce.
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“Week on week, we receive inquiries mainly from the Informal sector seeking more information about their policies particularly the specific cases such policies cover. Conversations from our members have shown a higher level of financial maturity and literacy,” said Chesca Figueroa, acting country manager of Gigacover in the Philippines. “With the improvement of financial literacy, our next focus is to improve accessibility to these products and drive more inclusive and user-centric products and services.”
Gigacover also leveraged the strong momentum of e-commerce growth in the country, beginning with a Parcel Insurance that provides affordable coverage for a wide-range of parcel types with digital claims processing. The company aims to further lay its claim in this sector by eyeing partnerships with more delivery service providers.