The collaboration between Malayan Insurance Co. Inc. and GCash, the largest digital payment app in the Philippines, has yielded significant success as the public enthusiastically embraces their pet and travel insurance products.
The partnership proved so fruitful that Malayan Insurance registered its micro and small business insurance product with GCash, further expanding its reach through the popular digital payment system.
Malayan Insurance, the leading non-life insurance company in the country, introduced Pet Insure, a specialized pet insurance plan available through the GCash app on the micro-payment service.
Since its launch in March of the previous year, Pet Insure has sold over a million policies on the GInsure platform in 2022.
Additionally, GCash users demonstrated a strong preference for Malayan’s Travel Master product, generating over P3 million in sales production within the first three months of its availability on the platform.
The convenience of securing travel insurance coverage from Malayan Insurance through the e-wallet service contributed significantly to this achievement.
“We are very pleased with the market’s warm reception towards our Pet Insure and Travel Master products on the GCash platform. Our strong performance proves that our efforts to make insurance products more accessible to Filipinos using easily available channels are making a difference,” said Paolo Y. Abaya, President and Chief Executive Officer of Malayan Insurance.
Abaya also announced the recent launch of Negosyo Insure on the GCash app. The new product is exclusively designed for GCash users and offers affordable insurance coverage for micro and small entrepreneurs, safeguarding their hard-earned business ventures.
“Now that we have also introduced Negosyo Insure on the app, we hope to bridge the gap to more underserved Filipinos who need reliable financial safety nets,” added Abaya.
Malayan Insurance, a part of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the country, has received accolades such as the “Domestic General Insurer of the Year” and “New Insurance Product of the Year” for Pet Care at the Insurance Asia Awards.
Additionally, the insurer has been awarded a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating outlook of “bbb+” (Stable) from insurer rating organization A.M. Best.