In the Philippines, AXA has partnered with Mynt and MicroEnsure to provide digital insurance coverage through GCash Insure. GCash Insure is an extension of Mynt’s GCash app which is a mobile-based payment provider.
The partnership provides financial protection in an event of hospitalisation, accident or death. The solution is offered via telemarketing allowing customers to get life and personal accident insurance cover with insurance coverage of P200,000 and provides daily income insurance of up to P10,000. The solution is available in bronze, silver, gold and platinum and can cover up to three persons.
The solution is easy to purchase and affordable. Customers need to be fully verified users and should be 18 to 65 years old. The coverage includes:
- Personal Accident: In the event of an accident or injury, a sum of money pays out to support bills, recovery, and cover for overall financial support.
- Term Life: In the event of death a sum of money pays out to ensure that dependents and family are provided with financial support.
- Daily Hospital Income: In the event that a policyholder gets hospitalised, the coverage helps shoulder their daily expenses for their stay.
To avail claims, the policyholder has to send an email with all supporting details, and payments to the insurance can be made via SMS, following which GCash Insure will deduct the amount from the users GCash account. Currently, users can only have one policy at a time.