In line with the Philippines’ efforts to further boost the local insurance industry, GCash, the country’s leading finance super app, is introducing a new feature to unlock access to insurance for millions of Filipinos.
The e-wallet is providing free health insurance, underwritten by FPG Insurance, every time eligible users buy prepaid credits for themselves using the Buy Load service.
“This initiative, powered by GInsure in partnership with FPG Insurance, reflects the commitment of GCash to making financial protection accessible to every Filipino, ensuring that even the simplest transactions, like buying prepaid load, come with the added security of health coverage at no extra cost,” said WinsleyBangit, vice president and group head of new businesses at GCash.
The country’s insurance penetration has been growing in recent years, but it remains below 2 percent. With millions of Buy Load users on the app primarily receiving mobile load, GCash sees an opportunity to protect more Filipinos, offering a valuable incentive beyond telecommunications.
Made possible by GInsure, every time eligible users make Buy Load transactions on the GCash app, they can also avail of the free health insurance coverage, empowering users to prepare for unexpected medical expenses due to accidents or hospitalization
“Beyond just financial assistance, this benefit ensures that users have funds to cover medical costs or compensate for lost income during recovery, helping prevent families from falling deeper into debt and alleviating financial struggles,” Ren-Ren Reyes, president and CEO of GCash mobile wallet operator G-Xchange, Inc.
The free health and accident insurance gives eligible users up to P30,000 coverage and additional valuable benefits. For every load purchase, a user can automatically get P10,000 in accidental death coverage, which can be accumulated up to a maximum of P30,000 when making up to three separate eligible load purchases.
