FWD launches inaugural “FWD Innovation Fest” to drive insurance industry transformation

FWD launches inaugural “FWD Innovation Fest” to drive insurance industry transformation

Wednesday, August 23, 2023

FWD Life Insurance (FWD Philippines) has recently launched its inaugural FWD Innovation Fest at Xylo at the Palace in Uptown, Taguig on August 22, 2023.

The FWD Innovation Fest showcased FWD’s latest roster of innovative products, services, and initiatives designed to revolutionize the insurance industry while contributing to nation-building by creating a positive impact for Filipinos through financial inclusivity.

During his opening speech, FWD Philippines President & CEO Antonio Manuel “Jumbing” De Rosas, highlighted that the event marks the company’s upcoming 10th anniversary in the industry since its operations began in 2014. 

“We see innovation as a tool in changing the way people feel about insurance. That is why we continue pushing the boundaries in developing products, services, and initiatives that champion customers’ evolving needs so more Filipinos can have financial protection,” shares De Rosas.

Innovation Culture at FWD 

FWD Philippines Chief Information and Transformation Officer JC Principe added, “Innovation is in our DNA at FWD, and it fuels our unrelenting drive to set the benchmark as the insurer of the next generation. We continue to harness technology, data analytics, and consumer insight to offer inclusive and first-in-the-market products and services.”

During the event, Principe unveiled two services powered by the FWD AI engine to help customers plan their finances and long-term goals more effectively and be better equipped to decide the best insurance they should purchase based on their lifestyles and needs.

‘FWD AI Protection Score’ will be available soon to current policyholders, suggesting relevant products to enhance their financial health coverage for added security, followed by an actual onboarding with a Financial Advisor. ‘People Like You’ is available for everyone through FWD’s AI Chatbot Fi, a first-in-the-market tool that allows customers to discover their protection gaps and benchmark their existing coverage against people with similar profiles.

Innovating Products and Services

According to Insurance Commissioner Reynaldo Regalado, insurance penetration in the Philippines remains very low at 1.75%, one of the lowest rates in Southeast Asia. FWD aims to close the protection gap by providing products that are easy to understand, buy, and claim. It is also important to help consumers to celebrate living by giving them apt coverage based on their lifestyles and needs. 

To help with this goal, FWD Philippines also announced that everyone can now have better access to insurance through the fully enhanced FWD Online Shop. Gifting insurance policies to family and loved ones is now possible, SMEs and corporate business clients can also purchase premiums for their employees in bulk, and exclusive rewards are given to customers with direct online purchases.

Furthermore, FWD announced the sponsorship of the upcoming 12th season of Mobile Legends: Bang BangProfessional League (MPL) as the official insurer. FWD’s The One for Gamers insurance policy was also announced and will be available on FWD’s Online Shop. An exclusive offer during MPL Season 12, The One for Gamers is an insurance plan that can be customized to include critical illness and accidental death benefits and uniquely comes with Mobile Legends in-game rewards.

FWD is also changing the way people feel about insurance with its latest 2-in-1 supercharged app, Omne. The easy-to-use app provides a suite of activities and content – including music, mini-games, sketching, health, wellbeing, and a vast array of engaging features – that are personalized to an individual’s preferences and interests, while also providing intuitive policy management.

Innovating Financial Literacy

FWD Philippines also showcased its newest online game show, Pinoy Money Master, which brings together pop culture and financial literacy. Featuring personalities representing different generations, it seeks to educate and update viewers on financial skills worth having to succeed in today’s interconnected world. The first episode is available to stream with more to come this September on FWD Philippines' Facebook page.

Innovating Initiatives

To drive recruitment for its ever-growing network of financial advisors, FWD Philippines highlighted its enticing corporate framework and the exciting benefits it can offer.

FWD brandished its flexible career opportunities and employment benefits for aspiring bancassurance and agency financial advisors at the event. FWD employees are empowered to help promote and take into action FWD’s mission to enhance Filipinos’ financial literacy.

It is also revealed that FWD’s annual SpringboardX Student Challenge will commence on August 28. Since 2021, FWD SpringboardX Student Challenge challenges students across 10 markets in Asia to come up with innovative and impactful solutions for real-life business challenges. The program is completely free and open to students from all academic backgrounds.

“FWD is 10 years young, and we take great pride in our journey thus far. We are excited to share our latest first-in-the-market initiatives that redefine the possibilities of what an insurance company can achieve. Our goal is to empower more Filipinos to celebrate living”, concluded De Rosas.

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Pru Life UK awarded International Life Insurer of the Year for third consecutive row

Pru Life UK awarded International Life Insurer of the Year for third consecutive row

Wednesday, August 2, 2023

In photo: (2nd from left) Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer; Atty. Em Vallente, Pru Life UK Senior Vice President and Chief ESG, Legal and Government Relations Officer; and Cecille Fontanilla, Pru Life UK Assistant Vice President and Head of Corporate Affairs.

 

Insurance Asia Awards, one of the prestigious recognition programs honoring the most outstanding insurance companies in Asia Pacific, cited 

Pru Life UK as the International Life Insurer of the Year - Philippines for the third year. The award-giving body recognized Pru Life UK’s innovations, new products, strategic partnerships, and community investment initiatives related to youth financial literacy, climate health risk management, and OFW protection.

“We are deeply honored to receive this coveted award for the third time in a row. Our heartfelt thanks to our employees, agency force, distribution partners, and more especially, our loyal customers for this remarkable feat,” said Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer. 

Adding to its growing list of accolades, Pru Life UK was also conferred with a Bronze Stevie at the recent Asia-Pacific Stevie Awards for the Innovation in Internal Corporate Events category. The Byaheng PRU Engagement Program, a project of its Employee Welfare Committee, has been instrumental in fostering collaboration among employees from various divisions and empowering over 900 full-time employees to lead their own company-wide initiatives for growth and success.

Empowering Filipinos through financial inclusion and affordable protection

Over the past years, Pru Life UK has championed financial awareness, literacy, and inclusion among Filipinos through innovative insurance products. 

One such product, PRUHealth FamLove, is a pioneering critical illness protection plan that covers up to 4 family members in a single policy, including adopted families, cohabiting couples, and same-sex partners.

Furthermore, through strategic partnerships with popular e-commerce platforms GCash and Shopee, Pru Life UK has made bite-sized insurance products even more accessible to its customers.

“These recognitions inspire us to continue fulfilling our commitment to helping more Filipino families live healthier and wealthier. With our over 40,000 digitally empowered agency force, we remain dedicated to putting our customers at the heart of everything we do by providing inclusive and affordable products addressing their diverse needs,” said Tumbaga.

These awards mark another milestone for Pru Life UK as Prudential plc, its parent company, celebrates its 175th anniversary, including 100 years in Asia.

To know more about Pru Life UK, visit www.prulifeuk.com.ph.

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Gigacover, Generali partner to provide affordable health insurance for freelancers, entrepreneurs

Gigacover, Generali partner to provide affordable health insurance for freelancers, entrepreneurs

Thursday, July 20, 2023

Insurtech Gigacover and Generali Philippines, a leading player in the insurance industry, have teamed up to further democratize access to insurance in the Philippines.

With the partnership, Generali will be able to feature its wide-range of insurance products that are tailor-fit to the needs of Filipino consumers in Gigacover’s platform.

“Gigacover and Generali share the same vision and strategy of leveraging technology and making insurance more accessible to many people and varied industries. In an ever-changing world, the means to get insured also evolves. We will rely on our core strengths – Generali as a trusted, global insurance provider and Gigacover as a transformative platform – to provide Filipinos a more seamless and innovative approach to insurance,” Gigacover CEO and Co-founder Amerson Lin said.

Gigacover’s Freelancer Health Insurance is a comprehensive and tailored insurance solution designed specifically for the needs of freelancers and self-employed individuals. The insurance plan offers a range of benefits and coverage options to safeguard freelancers’ health and well-being while providing peace of mind in an ever-changing professional landscape.

With over 1,600 accredited hospitals and clinics, and more than 30,000 partner doctors nationwide, coverage options include confinement, doctor consultations, diagnostic tests, emergency care benefits, special procedures, new modalities of treatment, annual physical exams, and dental coverage. All of this is available for a low, annual, one-time payment of Php 11,188.

“We at Generali believe in developing comprehensive insurance products at affordable costs. Our partnership with Gigacover allows us to further democratize access to insurance products, driving insurance interest and acceptance, as a whole, in the Philippines,” Generali Vice President Grace Gelle said.

Data from the Insurance Commission (IC) showed that insurance penetration, which refers to the industry’s contribution to the economy, was at 1.72 percent in 2022, while insurance density, or the average spending of individuals on premiums, was still at P3,388.99.

The government recognizes the need to accelerate the development of the industry with no less than the Insurance Commissioner Reynaldo A. Regalado urging the sector to make insurance more accessible to more Filipinos.

Insurtech companies such as Gigacover are best positioned to develop insurance solutions that cater to the needs of the underserved segments of the economy, especially freelance workers and entrepreneurs.

Gigacover has integrated artificial intelligence (AI) and machine learning (ML) to help insurers analyze big data and identify risks quickly and accurately. As a result, risk assessment and management strategies become smart and impartial.

More than getting more Filipinos insured, Gigacover’s system is able to extract data from claims documents and images, calculate and check against limits, detect potential fraud and also decide if advance claims payouts can be done for specific customer groups. This yields higher client satisfaction and also lower loss ratios for the insurers.

“Our goal is to bring quality and affordable insurance closer to the underserved. Our partnership with Generali is a step toward this goal,” Lin said.

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Insurance plans for bikers and cyclists

Insurance plans for bikers and cyclists

Sunday, June 18, 2023

FPG Insurance is rolling out two new group insurance plans that provide coverage to users of bicycles and motorcycles. 

The plans, named MyCyclingClub Mate for cyclists and MyMotoClub Mate for bikers, were designed primarily to promote road safety awareness. As insurance instruments, both plans cover accidental death, permanent disability, medical reimbursement and third-party liability, among other benefits, after an accident when using a motorcycle or bicycle. 

Sensible Innovation 

FPG’s new insurance plans are a timely response to the surge in the popularity of cycling and biking since the pandemic began, with more people now turning to these modes of conveyance as an alternative way to move faster from point A to point B for work, for business, for adventure and solo sojourns. 

Unfortunately, the rising number of bicycles and motorcycles on the road comes with higher risks of accidents. Statistically, as they grew in number so did a notable increase in road crashes involving them.   

The resurgence of bicycles during the pandemic has been seen in places once dominated by private cars and public transportation. As proof, 2.1 million bikes were imported into the Philippines in 2020, up 112% from 2019. 

During the same period, the Metro Manila Accident Reporting and Analysis System (MMARAS) reported that the number of bicycles involved in road accidents doubled from 2018 and 2019 to 2020. 

As for motorcycle and scooters, available data showed the Philippines posted the fastest growth at 32.3 percent to 867,453 units in 2021 from 655,440 units the previous year. According to the MMARAS report, the Metropolitan Manila Development Authority (MMDA) recorded a total of 26,768 motorcycles involved in road accidents in 2021 which was an increase of 1,560 from the previous year. 

Safe Travels 

MyCyclingClub Mate is a Group Personal Accident Insurance specifically designed for cyclists while MyMotoClub Mate is the counterpart Group Personal Accident Insurance for motorcycle riders. 

Each of these programs covers bodily injuries caused by an accident 24 hours a day, 365 days in a year, anywhere in the world, whether you’re at home or while travelling by land or sea or while riding as a passenger on commercial flights. It even provides for a victim of dog bites, snake bites, drowning and natural calamities. 

Common provisions of the plans include: Accidental Death - Pays up to the Sum insured in the event of death due to accident. 

Disablement/Dismemberment - When injury does not result in loss of life of the Insured after the accident but results to losses of limbs, sight, ears, etc. 

Unprovoked Murder and Assault Endorsement - Pays for death or permanent disablement sustained as a direct result of the insured being a victim of Unprovoked Murder or Assault 

Accidental Medical Reimbursement - Pays for medical expenses incurred due to accidental bodily injury. 

Daily Hospital Income Benefit (Due To Accident) - Pays for the daily allowance to the insured as a result of accident hospital confinement up to a maximum of 7 days 

Fire Assistance Benefit - Pays for the loss and damages incurred to the Insured’s declared house residence or contents due to fire and lightning. 

Personal liability plan - Pays for the insured for costs and expenses, which the insured may be obligated to pay for the damage to a property belonging to a third party because of negligence. 

For an annual premium of Php 200, policyholders will get up to P100,000, to cover the cost of the insured’s accidental death. 

The target market is Bikers and Cyclist Associations with at least 20 members aged between 18-65 years old. The insured must declare their permanent residence address upon issuance. 

Ms. Sharon Navarro, FPG Insurance's Chief Underwriting Officer, said, "At FPG Insurance, we are committed to providing innovative insurance solutions that cater to the evolving needs of our customers. Our MyCyclingClub Mate and MyMotoClub Mate aim to promote road safety for cyclists and bikers who ride in groups as our latest plans offer comprehensive coverage that gives them peace of mind while they’re on the road,". 

June is a special month for FPG Insurance as they celebrate their 65th anniversary on June 5, with a special collaboration with Ayala Land for the Green Run marathon on June 25. 

For more information about MyCyclingClub Mate and MyMotoClub Mate, visit FPG Insurance’s website at https://www.fpgins.com.

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Happy Pet, Happy Life: How to Pamper Your Pet

Happy Pet, Happy Life: How to Pamper Your Pet

Thursday, June 15, 2023

When pets enter our lives, they become part of our family and home. As they give us immeasurable joy and fulfillment, we ought to give them the same care, value, and commitment as we would with other members of the family.

It all starts with showing them how much you love them, as they can thrive in love and a sense of belongingness the way humans can. Pets become our life partners so we need to do our part to keep them happy and healthy. Here are some ways you can create an environment and lifestyle which are beneficial to both you and your pet.

Your home is their home. Just like children, pets tend to wander curiously around the house and grasp at anything within reach. Scan your house and keep sharp or breakable objects, electrical cords, medicines, and cleaners out of your furbabies’ reach. Keep your trash cans covered, as well as other containers a little paw can reach into. Make your home comfortable for your pet as well, with just the right temperature, a space for them to sleep in, and a spot where they can be trained to do their potty business.

Visit the veterinarian and groomer regularly. Schedule check-ups with your veterinarian to always be on top of your pet’s health and development. Make sure they’re vaccinated from common pet illnesses and parasite-proof them by using antiparasitic supplements and soaps. And on top of the regular baths, take your pet to the groomer for a general clean-up from fur trimming to brushing, and nail clipping to teeth cleaning. Your pet wants to look good too!

Get the correct food type for your pet. Most people think that pets can just eat leftovers or bland combinations of meat and rice. However, pets not only have their own preferences, but also recommended diets based on factors such as breed, size, age, health condition, and more. The vet should be able to recommend the kind of food for your furbaby, but you can also ask pet store staff about the best food and treats for your pet.

Take them out for exercise and nature. Just like with humans, regular exercise helps improve pet health by working their muscles and organ systems to help them perform their best, which prolongs the life of your pet. Expose them to fresh environments with regular walks outside, or take them with you when you go for your daily walk or jog. Exercising is good but exercising with a pet is a completely different experience!

Be prepared for emergencies. While we want our pets to stay healthy, there might be some cases wherein they would need extra medical care. As a life partner in financial needs, universal bank EastWest understands and values your aspirations for your pet and has services which cater to them as well. Its Save & Pawtect pet insurance offers PHP 50,000.00 medical reimbursement and PHP 500.00 daily hospitalization with one-year coverage, eligible for pets aged five months to 10 years old.

For those who are considering getting a pet, these ways can help guide you in giving it the love and care it deserves, which will give you the happiness and reward you deserve.

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The future is in insurance: Manulife boosts recruitment drive to meet rising customer demand for life and health protection

The future is in insurance: Manulife boosts recruitment drive to meet rising customer demand for life and health protection

Saturday, June 3, 2023

 

In Manulife’s recent Asia Care Survey, 80% of Filipinos surveyed have expressed interest in purchasing insurance products as they take charge of their health and finances amid inflation. However, the Philippines’ current insurance ownership (59%) is still the lowest among Asian markets surveyed.

To help bridge this gap and enable more Filipinos to access affordable and relevant insurance solutions, leading international financial services provider Manulife has intensified its agency expansion campaign, supported by a digital film and various recruitment activities across the country. This initiative aims to provide employment to Filipinos who have worked in sectors affected by economic challenges and uncertainty; additional sources of income to those grappling with multiple financial responsibilities; and fresh graduates aiming to enter the tight job market. 

“We at Manulife are taking bigger and bolder steps to expand our agency force in the Philippines to make it easier for our customers to gain access to financial experts who can help guide them with the right life and health insurance products for their unique protection needs,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. “We also want to provide more Filipinos fulfilling careers that can help them achieve their financial goals. By starting their meaningful career journey with Manulife, they have the opportunity to thrive in an inclusive and high-growth environment, regardless of their professional background. Manulife is also strongly positioned to provide our advisors with the necessary training and tools as our “life champions,” while serving Filipinos when it matters most.”

The campaign kicked off with a digital film featuring inspirational stories from some of the company’s top-performing financial advisors on how their Manulife journey has helped them achieve their dreams and pursue their passions. In the film, they shared how a career at Manulife has also given them the opportunity to save enough to buy their dream home, reinvent themselves – “have more freedom, have unlimited income potential, work flexible hours, and be their own boss” – explore new cultures and travel the world, and build a comfortable life for their loved ones. 

Most importantly, Manulife financial advisors – who came from different professional backgrounds ranging from banking and education to fresh university graduates, aviation, and health services – also shared how “enriching and fulfilling it is to transform the lives of people, by being part of their customers’ journey towards financial stability.”

Manulife continuously provides certification and training programs to their financial advisors to equip them with the latest and most relevant expert and practice-based financial knowledge. Recently, Manulife partnered with Wealth Management Center to further empower its agency force with holistic and comprehensive programs on health and life insurance, investment, and estate planning, as well as strengthen its wealth proposition through the Unit Investment Trust Funds (UITFs) of Manulife Investment Management and Trust Corporation. 

Manulife has thousands of financial advisors nationwide, helping Filipinos plan for their financial future with a wide range of innovative and relevant insurance solutions.

For those interested in becoming a Manulife financial advisor, visit manulife.com.ph/about-us/careers/financial-advisors.html. To learn more about Manulife’s recruitment activities, visit facebook.com/ManulifePH. 

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Protecting your “budol” finds: How insurance plays a role in e-shopping

Protecting your “budol” finds: How insurance plays a role in e-shopping

Wednesday, May 24, 2023

Filipinos love to shop online–a recent report by data and analytics firm GlobalData showed that nearly 90% of Filipino consumers have shopped online in the last six months. This has put the growth of the e-commerce market at 31.3% in 2022 and is expected to grow by 22.9% and reach a value of P615.7 billion within the year.

Along with the widespread adoption and convenience online shopping offers comes the risk of frauds–from fake products to sellers who send defective products or send no product at all. 61% of Filipinos reported being targeted and/or victims of fraud in the past three months, according to a Q4 2022 Consumer Pulse Study by consumer credit reporting agency, TransUnion. This is a significant increase from the 55% reported in Q3 of the same year. While phishing remained the most commonly reported fraud scheme (51%), third-party seller scams on legitimate e-commerce sites came in third (33%), indicating a concerning trend that puts Filipino online shoppers at risk.

So before you whip out your smartphone and click buy on that item you’re itching to get your hands on, here are a few tips you can do to protect your “budol” finds and your hard-earned money from online shopping frauds:

Buy from official stores or legitimate sellers

Sometimes when browsing through online stores, you’ll undoubtedly encounter a deal that’s too good to pass up but before you bite the bullet and check out, take a few seconds to check the seller and make sure that they are legitimate sellers or official stores.

Buying from official stores and legitimate sellers ensures that the products you’re buying are authentic and are of good quality. Plus, some e-commerce platforms also offer additional perks when you buy from these stores including warranties, free shipping, and even money back guarantees.

Check the reviews

You’ll undoubtedly come across multiple products being sold by different stores online and the sheer number of options can be overwhelming. One way to weed out the best deals and items is to check reviews from previous buyers.

Check the review section of the product you’re eyeing on e-commerce platforms or if you’re buying from Facebook Marketplace and other social media pages, see if you can find a business page where previous customers have left reviews.

Reviews are helpful in helping you make informed decisions on your purchase–if the item is worth buying, if the seller is legitimate, cooperative, and responsive, or if there are any watch outs like long delivery lead times or trouble when it comes to repairs, returns, or refunds.

Compare prices

If you’re on the lookout for a good deal, it never hurts to compare prices. Several sellers will have the same exact product on sale and it’s good to take a second and look at other sellers before deciding on where to buy.

Some stores may offer the same price but throw in other perks like free shipping for no minimum spend, extended warranties, a small freebie, or the lowest price offered on the platform. A word of caution on super low prices, if it seems too good to be true, it probably is, and it would be beneficial to check if the seller is legit and the products reviews before deciding where to buy.

Get an online shopping insurance to protect your purchases

One of the main advantages of shopping online is the time it saves from selection to purchase–you don’t need to go to a physical store and buy an item as with a few clicks, the item will be on its way to you within a few days.

However, its main advantage can also be a disadvantage as you’re buying something sight unseen–you really can’t check the quality of the purchase until it’s already delivered. Even if you follow all the steps to make a good purchase, sometimes you may still receive a bad or fake product, or it may not even show up at all.

Designed to protect consumers from e-commerce scams and frauds, Igloo and GCash collaborated on an Online Shopping Insurance that provides coverage for undelivered goods and uncontactable sellers, partial delivery or fake goods for up to P150,000 for as low as P15/month. 

Policy holders can file multiple claims until they reach their benefit amount after which the policy expires and will require a shopper to apply for another policy.

By following these steps, you can reduce your risk of falling victim to online shopping fraud and scams, safeguard your “budol” finds and shop worry-free. 

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Bring your 2023 Summer Travel goals to life with these six fascinating PH vacation spots

Bring your 2023 Summer Travel goals to life with these six fascinating PH vacation spots

Saturday, April 29, 2023

The long, hot days of summer are finally here and if you’re one of the many who’s up for travel and adventure this season, there are many fascinating tourist and vacation spots around the country you can add to your bucket list.

A recent study by travel and experience platform Klook noted that 87% of Filipinos are raring to travel with many of their destinations of choice within the Philippines as booking for domestic destinations have exceeded pre-pandemic levels in 2022. 

Domestic travel, according to the Department of Tourism, is expected to make a full recovery this year with the country’s hotel and resorts association reporting that occupancy has breached 2019 numbers and is largely driven by domestic tourism.

With 2023 being dubbed as the year of Revenge Travel, there’s no better time to plan your trip, pack your bags and head-off for an unforgettable adventure. But before you do, ensure your travels are hassle-free by getting Travel Master Insurance with COVID-19. 

“It’s summer and we’re sure that many Filipinos are already picking out the destinations they want to travel to, especially since the Philippines has so many beautiful sites to see–from beautiful beaches to beautiful towns and cities–there’s something for every kind of traveler. Traveling should be fun, stress-free, and hassle-free, this is why we created Travel Master insurance–to provide our travelers the peace of mind and protection from any kind of eventuality so they can make the most out of their trips,” said Mario Berta, Igloo’s Country Manager for the Philippines.

Created in partnership with GCash and Malayan Insurance, Travel Master with COVID-19 provides travelers coverage including for personal accidents, flight delays, lost luggage, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection.

To get the Travel Master coverage, simply access the GInsure page available on your GCash app and select Travel and Travel Master with COVID-19. Fill in the form with your travel details and it will immediately provide you with coverage benefits and the premium contribution and you’re set to go.

Travel Master with COVID-19 is available whether you’re planning to travel locally or internationally–making it a flexible and much-needed travel companion anywhere you go.

So if you’re looking for destinations to add to your vacation bucket list, here are six spots around the Philippines to get you started:

Samal Island Tourism Information Center, Facebook

Island Garden City of Samal

Davao del Norte

Located at the heart of the Davao Gulf, the Island Garden City of Samal is known as the largest resort island in the country– home to more than 30 resorts across a 118-kilometer stretch of coastline.

A mere 15-minute boat ride from Davao City, the resort island is a great stop for those who want to soak in the beautiful landscapes and seascapes of the Philippines. Go snorkeling and bask in the beauty of the 150-hectare Coral Garden and Marine Park that includes the Audanao Fish Sanctuary and the Giant Clam Sanctuary. On land, travelers can enjoy exploring the 11.5-hectare government-owned botanical garden and nature park where they can see diverse flora and fauna.

The resort island is also home to the largest colony of fruit bats in the world and they can be seen in their natural habitat at the Monfort Bat cave.

Alona Beach Guide, Website

Alona Beach

Bohol

The Philippines is home to amazing beaches (it has more than 7,000 islands after all) and if you’re on the hunt for a new beach haunt that has white sand beaches like Boracay, Alona Beach in Panglao, Bohol is a great spot to add to your travel bucket list.

The white sand beach stretches a good 1.5 kilometers and is in full view of the blue, blue waters of the sea of Bohol. Nature lovers and adventure seekers may also immerse themselves in the rich marine biodiversity of Balicasag Island–a few minutes boat ride from Panglao island. Here you can snorkel and view its 400-meter coral garden and marine sanctuary.

Meanwhile, those who want to get the most out of their vacation and explore more of Bohol can also visit the famous Chocolate Hills, the Mahogany Forest, or take a slow, leisurely ride and a beautiful lunch along the Loboc River with the Loboc River Cruise.

Lacson Ruins, Facebook

The Ruins

Bacolod

Often called the “Taj Mahal of the Philippines,” The Ruins or the Lacson Ruins was the ancestral home of local sugar baron Don Mariano Ledesma Lacson built in the early 1900s in Talisay, Bacolod City. Inspired by Italian architecture, the Ruins was built in the memory of Don Mariano’s wife Maria, who died giving birth to their 8th child.

During the Second World War, the mansion was burned by Philippine guerillas to prevent it from being used by the Japanese. The mansion burned for three days straight but left behind its beautiful foundation. The Ruins has now become a popular tourist and event spot, especially for weddings because of its romantic history.

For those who want to experience more of the old-age architecture of the Philippines, they can–after visiting the Ruins–take a day trip to the neighboring city of Silay and visit its large collection of perfectly-preserved heritage houses including the Golez Heritage House and the Balay Negrense heritage house and museum.

Museo Orlina, Facebook

Museo Orlina

Tagaytay City

For those who want a more leisurely adventure in cooler climes, Museo Orlina in Tagaytay City, is the perfect place for you.

Located at Hollywood St. Hollywood Subdivision in Tagaytay City, the museum houses the many glass sculptures of famed Filipino visual artist Ramon Orlina. Spend an hour or two exploring the four-floor exhibit area including the Reflections Gallery where Mr. Orlina exhibits videos, images, and documents charting his art journey; and the Naesa Gallery which features an ever-changing exhibition featuring up-and-coming Filipino artists.

If you fancy viewing his work alongside nature, take a walk at the Sculpture Garden and Amphitheater, and cap off the visit with a spectacular view of Taal Lake at the roof deck.

Tam-awan Village, Website

Tam-awan Village and Bell Church

As the Summer Capital of the Philippines, many vacationers travel to Baguio in search for respite from the hot weather. The cooler climate alongside the beautiful nature makes it a must-go destination for anyone regardless of their preference for adventure.

Those who’ve been to Baguio several times would undoubtedly know of its most famous landmarks including Wright Park, Burnham Park, Camp John Hay, and more. But for those who want to discover more of the city and its culture, there’s no better place to visit than the Tam-awan Village and the Bell Church.

Tam-awan Village located in Pinsao Proper, Baguio City is perfect for those interested in art and history. The village features indigenous craftsmanship and Ifugao architecture alongside art pieces made by local artists set within a sprawling and beautiful mountainside forest.

Bell Church, Website

Bell Church, meanwhile, is a 63-year-old Taoist temple located in La Trinidad, Benguet. Here visitors can enjoy the beautiful architecture and the quaint lotus pond and even have their fortunes read by the monks of the temple.

Whether your summer plans are for adventure or relaxation, domestic or international, make your travels all fun and worry-free withTravel Master Insurance with COVID-19 available at the GCash’s GInsure marketplace. 

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Gigacover: Bringing insurance closer to MSMEs through insurtech

Gigacover: Bringing insurance closer to MSMEs through insurtech

Thursday, April 20, 2023

Micro, small, and medium enterprises (MSMEs) comprise 99.6% of business in the Philippines, employing around 63% of the country's workforce. Despite its significant contribution to the economy, MSMEs often lack insurance, leaving both employers and employees vulnerable to risks in times of emergency. 

This is not to say that MSMEs do not care for insurance. A recent study by Manulife found 36% of small business owners in the Philippines found medical, health, or accident insurance a top priority among financial products. Entrepreneurs in this sector are interested in financial protection products but find them unaffordable and complex. 

Gigacover, a regional insurtech firm, shared insights on the fundamental ways technology can change traditional insurance for MSMEs, including tailored-fit digital policies that are more affordable and simple to use.

Rise of digital insurance offers competitive protection for the underinsured 

Digital insurance can pave the way for more accessible and affordable policies. These solutions can be more adaptable to the demands of MSME workers and offer reduced premiums by providing coverage for a particular need and making distribution entirely online.

Insurtechs are also better equipped to develop insurance products that are not being addressed by insurers for several reasons, including lack of data for risk assessment, bureaucratic structure, and regulatory constraints, among others. For instance, as ride-sharing and car-sharing businesses flourished, motor accident risks increased. Gigacover’s Collision Damage Waiver (CDW) product suite helps drivers reduce accident liabilities, improving their financial security.

Seamless management of insurance in unified platform 

Customers don't always know when to use insurance products, therefore MSMEs should review their policies on a regular basis to make sure they are valid when the time comes. Analyzing existing policies will also help entrepreneurs better understand new uncovered risks as the business scales up.

However, basic tasks such as reviewing benefits, claims filing, and other processes conventionally require assistance from insurance agents. Gigacover helps companies better administer their insurance through online applications where key processes such as viewing policy information and editing subsidy caps can be done to help businesses act more quickly on their needs. The technology behind it plugs in insurers, lenders, and health maintenance organizations (HMOs) into the unified platform for easy access and administration.

Simplifying claims settlement through AI and big data

One of the most innovative ways insurtech is disrupting the insurance industry is by integrating artificial intelligence (AI) and machine learning (ML) to help insurers analyze big data and identify risks quickly and accurately. As a result, risk assessment and management strategies become smart and impartial. 

Gigacover’s system is able to extract data from claims documents and images, calculate and check against limits, detect potential fraud and also decide if advance claims payouts can be done for specific customer groups. This yields higher client satisfaction and also lower loss ratios for the insurers. 

Amerson Lin, Co-Founder and CEO of Gigacover, shared, “By addressing the complexity and high costs associated with insurance, we make insurance more accessible to more Filipino MSMEs. We champion financial inclusion for MSMEs because protecting the vulnerable workers in this sector from health and income risks also financially protects the company, enabling MSMEs to grow sustainably and contribute to improved economic development.”

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