Philippines' Kwik.insure launches online insurance marketplace

Philippine homegrown insurance technology startup Kwik.insure on Tuesday launched its online insurance marketplace.

Kwik.insure said in a statement that the insurance marketplace features more than 100 life and non-life insurance products from 15 of the Philippines' top insurance and healthcare providers .

The tech startup said that through this digital platform, Filipinos can get insurance products tailored for them . Similar to e-commerce platforms, consumers can choose , search and compare different types of insurance products through the platform. Kwik.insure said that it has currently partnered with 15 insurance companies to provide Filipinos with a wide range of insurance products.

Transactions are done online and users will get an electronic policy directly from the insurer, cutting processing time from days to five minutes, the company said.

“Filipinos are now accustomed to shopping online, so we designed our platform to follow the patterns they are already accustomed to . With Kwik.insure, Filipinos can easily compare , select and purchase insurance products that suit their needs, ” said Hamilton Angluben, founder and CEO of Kwik.insure.

“Many people believe that insurance is complex , unaffordable and difficult to buy . Therefore, we made sure our platform made insurance easier to understand and easier to buy. ”

He said the end-to-end process through the platform is 100% digital and people are immediately protected once the payment is confirmed.

“We are one of the first insurtech companies in Southeast Asia that can provide real-time coverage, ” Hamilton Angluben said.

“ As the country continues to transition to the new normal, the Commission is optimistic about the latest technological advancements in the insurance industry, ” said Randy Escolango, Deputy Commissioner of the Insurance Commission of the Philippines ( IC ) .

“The Insurance Commission has high expectations for this insurer as they cater to the needs of millions of digitally native Filipinos. As the insurance industry continues to advance in technology as it adapts to the new normal , we hope Kwik.insure will contribute to the industry’s growth.”

Kwik.insure

the Philippines