Union Bank of the Philippines’ (UnionBank) fintech arm UBX introduced an integrated employee financial wellness benefits ecosystem during the Insuretech Connect Asia conference in Singapore held recently.
UBX aims to strengthen its focus on insurance technology (insurtech) with this new offering which is designed to equip employees with financial tools and services, while also empowering companies to streamline their employee benefits, processes, and initiatives in one single platform.
Introduced in the Philippines earlier this year, the platform is an online portal that distributes, manages, and supports financial resilience and wellness through tools that allow employees to manage their finances and enable employers to efficiently conduct human resource (HR) practices.
First rolled out to UBX employees, UBX’s Employee Benefits Program integrates insurance management systems, HR administration tools, Insurance management and upsell/cross-sell, Earned Wage Access/Salary Loan, mental health and flexible perks, and employee bonuses into one platform. It is a fully customizable, modular, and highly scalable solution that also allows companies to integrate their own benefits-related providers.
The integrated employee benefits ecosystem also helps companies engage their employees better by consolidating the very fragmented employee benefits experience, while also introducing new financial wellness services.