The Bank of the Philippine Islands (BPI) and its joint venture partner Mitsui Sumitomo Insurance Co. aim to boost the ranks not just of the savings conscious but the number of Filipinos who appreciate the importance of insurance.
“BPI MS aims to provide security and protection to as many Filipinos as possible. Going beyond 20 years, BPI MS will be prioritizing initiatives that enable end-to-end contactless customer journeys to reach more clients and to make it convenient for them,” Taizo Komatsu, president and chief executive officer at BPI MS, said.
The partners already provide contractless transactions via the BPI MS Accident Secure Max and Hospital Income Protect Plus products for convenience.
Their motor comprehensive third party liability insurance may also be accessed via the GCash, PayMaya and Bayad app.
One can also submit one’s motor insurance claims faster with the motor claims video chat tool that allows contactless inspection of damaged vehicles through mobile phones and tablets.
Consistent with the goals of financial inclusion, BPI MS offers microinsurance that provides cash assistance to the lower income classes during calamities via BPI BanKO.
More products for micro-depositors are also being developed to accelerate financial inclusion activities.
“The company will continue to support the government’s drive on financial inclusion by working with BPI BanKo in providing insurance to more Filipinos,” Komatsu said.
More than 130,000 BPI BanKo customers are covered by BPI MS microinsurance policies as of end 2021.
The Bangko Sentral ng Pilipinas’ (BSP) Digital Payments Transformation Roadmap program aims to convert half of all retail transactions to electronic channels and increase the number of Filipino adults to 70 percent by 2023.