Monday, November 27, 2006 Philamlife launches first SMS-activated insurance
JUST when one thought that the text phenomenon has covered all areas imaginable, comes another text-driven innovation.
After nearly 60 years as a pioneer, Philamlife has again proved its leadership by providing insurance that is cheap, accessible, and convenient to cellphone-savvy Filipinos.
Philamlife recently launched the world’s first micro-insurance called AKSITEXT, a revolutionary P10 product, especially developed for a consumer class with spending habits that had spawned an entire industry of SMS services and sachet products.
AKSITEXT is an SMS-activated product that provides 15-day accident insurance coverage for only P10. It looks like an ordinary phone card, containing a registration number that the buyer must encode in his cell phone and send to a specific phone number to register (for only P1 per text).
After 15 days, the client must again purchase a card to renew his coverage. If death occurs within 15 days, P10,000 goes to the beneficiary of the insured, the assignment of which is as mandated by Philippine law.
AKSITEXT was developed as a product for the broad market. Philamlife took it as a social responsibility to give back to the community by creating an insurance product that is so affordable and accessible to the broad market that need it the most.
