MANILA -- TrueMoney Philippines, one of the leading financial services networks in the country, recently tied up with Bankers Assurance Corporation, one of the leading providers and advocates of microinsurance programs, to launch an affordable microinsurance plan.
The plan, dubbed the Tunay Mag-alaga Insurance, aims to provide underserved Filipinos with a responsive insurance coverage against accidents and their related medical expenses.
Jacqueline Van Den Ende, CEO of TrueMoney, said: “The Tunay Mag-alaga Insurance helps address the risk priorities of the low-income sector, such as unexpected death and medical expenses. The Tunay Mag-alaga Insurance provides coverage for loss of life (accidental death) or bodily injuries (medical reimbursement) caused by accidents.”
Premium coverage can now be availed at only P25 for a three-month coverage, which includes P20,000 accidental death benefit and P5,000 accidental medical reimbursement benefit.
Buyers also have the option of getting longer coverage of four months, six months or 12 months. The insurance is made readily available in over 20,000 TrueMoney Centers nationwide.
Van Den Ende said both TrueMoney and Bankers Assurance share the same mission to provide the underserved Filipinos with accessible and affordable financial products.
Eden Tesoro, president of Bankers Assurance Corporation, said: “Every year, thousands of people die or are injured in accidents. Sadly, so many Filipinos do not have accident insurance coverage. So when an accident happens, aside from the grief and emotional burden, many families suffer financial distress due to the unforeseen expenses associated with the mishap.”
This is why TrueMoney and Bankers Assurance developed the Tunay Mag-alaga Insurance program, so that more Filipino families can have peace of mind and be better equipped to face unexpected financial obligations arising from accidents, she added.
“We aim to help provide financial resilience through affordable and accessible insurance. In partnership with TrueMoney, Bankers Assurance is committed to support the drive towards financial inclusion in the Philippines by developing products that are more consumer-friendly and affordable, with less documentary requirements, and offering genuine value that customers can easily access, understand and appreciate,” Tesoro said.
Xavier Marzan, founder and president of TrueMoney Philippines, said the latest partnership is a timely initiative as many Filipinos still do not have insurance.
In the Bangko Sentral ng Pilipinas (BSP) 2017 Financial Inclusion Survey, a significant barrier to buying an insurance seems to be financial with 66 percent of adults saying that they simply do not have the money to buy insurance.
Marzan said, “We are very excited to be working with an innovative insurance company such as Bankers Assurance. In the Philippines, around 82 percent of Filipinos do not have any form of insurance protection -- so providing easy access to a very affordable personal accident insurance product can go a long way for Filipinos. We will be leveraging our vast distribution network of 20,000 stores to date in the Philippines to cover more Filipinos and work towards a more financially inclusive country.”
TrueMoney Philippines, which operates under Ascend Money, is the largest Fintech company in Southeast Asia and a digital finance joint venture of the C.P. Group and Ant Financial. The company has over 70,000 financial services locations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines. TrueMoney aims to drive financial inclusion across the various countries by offering innovative and affordable financial services to the masses.
Bankers Assurance Corporation is a member of the Malayan Group of Insurance Companies, the largest non-life insurance group in the Philippines. (PR)