Manila, 14 October 2021 – PayMaya Philippines has teamed up with bolttech, a leading international insurtech, to give Filipinos easier access to affordable microinsurance and services products delivered seamlessly on the PayMaya app with PayMaya Protect.
Through the collaboration, PayMaya's customers can benefit from relevant and easy-to-understand coverage in the PayMaya app's Protect feature, powered by bolttech's cutting-edge insurance exchange platform.
The launch of PayMaya Protect is part of PayMaya's broader digital financial services thrust, which includes the establishment of Maya Bank, the most recent recipient of a digital banking license from the Bangko Sentral ng Pilipinas (BSP). PayMaya has been working with bolttech to develop and introduce more flexible 'sachet-sized' insurance and services products better suited to the country's predominantly young and underserved market.
Among the first products launched on the app will be Personal Protect which covers dengue, COVID-19 and Permanent Total Disability, offered through a partnership between PayMaya, bolttech, and the underwriter Pioneer Insurance & Surety Corporation. Mobile Protect will also be available at launch, providing extensive mobile device services for cracked screens, water damage, and other incidents. The purchase experience offers an end-to-end checkout with an AI-driven diagnostic feature providing instant protection through the app, a first in the market.
On top of affordability and ease of access, PayMaya Protect also offers customers more flexibility, giving them more choices and better control over their finances. The products allow a subscription model so that customers can choose when they need cover. For example, Mobile Protect is offered on a monthly basis, and health coverage bundles via Personal Protect can be secured on a minimum of three months with renewals based on their needs and budgets.
"Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them," said Shailesh Baidwan, President of PayMaya.
"Our goal is to bring more insurance and other protection products closer to the hands of every Filipino. Our deep understanding of our customers combined with bolttech's leading-edge expertise will enable us to achieve this through our top-rated and reliable PayMaya app" he added.
"We share PayMaya's vision of empowering more Filipinos with convenient insurance products suited to their lifestyle needs. We are very excited to work with the PayMaya team to bring best-in-class digital products to their users, improving access to insurance for a new generation of customers," said Moritz Gastl, General Manager of bolttech Philippines.
Customers can sign up to PayMaya Protect offers in just a matter of minutes. They can also pay, view, manage and file claims on their policies directly in the PayMaya app. The completely digital and paperless process makes insurance easy.
Together, bolttech and PayMaya will address the low insurance penetration rates in the country, connecting people with more ways to protect the things they value. With flexible and affordable services offers conveniently available within a few taps on the e-wallet, PayMaya and bolttech are making it easier for Filipinos to access insurance products.
According to the Insurance Commission, the country's insurance penetration, defined as "the premium volume as a share of Gross Domestic Product (GDP) or contribution of the insurance sector to the national economy," remains low at 2.30% as of March 2021. Only 23% of adult Filipinos have insurance coverage, according to the BSP 2019 Financial inclusion Survey.
The same BSP survey identified that for those without insurance, the most common reason is lack of enough money (64%), followed by perceived lack of need (25%) and high cost (25%). PayMaya seeks to address this opportunity by offering easy-to-understand and affordable microinsurance products directly accessible to the customer.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, enterprises, communities, and government. Through its enterprise business, it is the leading payments processor for "everyday" merchants in key industries such as retail, food, transportation, utilities, and eCommerce.
PayMaya provides more than 38 million registered users with access to financial services through its consumer platforms. Customers can conveniently cash in, pay, cash out, and remit through its over 300,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of 55,000 partner agent touchpoints nationwide serves as last-mile financial hubs in communities, providing the unbanked and underserved access to digital services.
To know more about PayMaya's products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.