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UBX’s embedded insurance platform aims to capture underserved market

UBX Philippines Corp. (UBX) introduced its embedded insurance platform Assured to give the uninsured population access to insurance coverage.

John Januszczak, CEO of UBX, the fintech arm of Union Bank of the Philippines, is confident that acceleration in digital adoption, of enterprises and consumers, is factor enough to encourage consumers to get insurance policies.

“Products are often too complicated, predicated on old sales models with corresponding jargon that inevitably develops over the years,” Januszczak said. “Customers are only willing to buy well-designed and simple solutions. At UBX, we believe that financial services are best embedded directly into the activities and experiences that matter to individuals and businesses. We have to make it easier for consumers to discover the value of insurance.”

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UBX’s Assured will be offered using the e-commerce model, which many Filipinos are getting accustomed to since the pandemic began in 2020.

“The Philippines’ e-commerce market for consumers grew to P200 billion and with this comes the risk of mishaps in delivery,” Januszczak said. “Imagine protection for lost or damaged items, extendable returns, and failed delivery takes directly into the online shopping experience.”

Single API

Assured not only simplifies the process but also the way insurance is presented to customers. The single platform and single API make it easier for solutions developers and communities to aggregate and customize protection across multiple insurance providers.

“We help developers platforms and digitally enabled businesses to develop their insurance strategy, making it easy to find the right insurance partners, and providing the technology to deliver on their customer promise,” Januszczak said.

Assured allows insurers to piggyback or leverage the power of popular brands’ platforms to create a bundle and underwrite products, which UBX hoped will positively impact the retention and revenue while solving distribution efficiencies.

“It’s a new way for insurance to grow and thrive,” Januszczak said.

This pilot under UBX’s i2i payment and finance platform is made possible with UBX’s insurance partner Chubb, one of the largest publicly traded property and casualty insurers in the world with operations in 54 countries; and Coherent, a Hong Kong-based insurtech company that provides digital solutions for leading global insurers.