GCash Plans Expansion of Pet Insure and Unveils New Insurance Products for Users

Leading mobile wallet app GCash plans to introduce a host of new features for its users. On Monday, the fintech company revealed that it is currently working on offering crypto products as well as new insurance packages. GCash aims to make most of these additions available by the third quarter of the year. As of May, the mobile wallet was recorded to have over 60 million registered users nationwide.

“We are working on our crypto product. We do see that there’s a lot of interest in cryptocurrency…more than 50 percent consider buying crypto. So we do have crypto products that will be available very soon,” explained GCash Vice President and Head of New Business Neil Trinidad. As for its insurance packages, GCash is preparing to expand its new Pet Insure under its GInsure marketplace.

The initial launch of Pet Insure earlier this month primarily targets dog owners. “We have a plan to roll it out, also to cats, with our current partner,” added Trinidad. This feature allows pet owners to avail of up to ₱100,000 for medical reimbursement, burial assistance, or owner’s liability. The GCash executive furthered that the interest in its new insurance offering has been “really strong” as it gets “quite a lot of social media interest.”

Other additional insurance products of the company include education, variable universal life (VUL), travel, and business. “Most Filipinos realized they need insurance when it is too late,” said Trinidad. “Now, a recent study by the Philippine Life Insurance Association in April 2022 showed that more and more Filipinos are open to availing of insurance. In fact, 67% of the Filipinos surveyed are open to buying health insurance products because of the pandemic.”

At the moment, GInsure only offers products for personal accidents, medical services, car insurance, income loss, online shopping, bills, cars, and pets. GCash is eyeing to provide GInsure for business fairly soon. “This is our way to enable and empower MSMEs to now finally avail of insurance for their employees at a fraction of the cost with all the different plans and policies from our different partners,” Trinidad elaborated.

Sources: ABS CBN, BusinessWorld