Insider Spotlight
Against this backdrop, UnionDigital Bank (UD) and Chubb Philippines have formed a partnership aimed at integrating insurance offerings into the bank’s mobile app and reaching underserved consumers.
Why it matters
According to the most recent Financial Inclusion Survey of the Bangko Sentral ng Pilipinas, 48 percent of adult Filipinos are uninsured. The companies said this leaves many households exposed to financial shocks, particularly medical emergencies that can far exceed average emergency savings.
The initial rollout includes Loan Protect Insurance and Kaya Protect Insurance, both designed to be embedded within the bank’s existing financial products.
Loan Protect Insurance will be automatically included for eligible UD loan borrowers at no additional cost during the first three months after loan approval, while Kaya Protect Insurance will be linked to savings accounts and activated through a minimum balance requirement.
By the numbers
Loan Protect Insurance can cover up to the original loan amount for eligible borrowers in cases such as accidental death, disability, or death due to illness. Kaya Protect Insurance, meanwhile, offers personal accident and accidental death coverage of up to P150,000.
"This partnership marks a pivotal step in our mission to bring insurance protection to millions of Filipinos. We are fueling the ‘Kaya Mo’ mindset by giving them access to a suite of financial tools, including insurance protection, to build financial resilience—allowing them to weather unforeseen setbacks without losing everything,” UnionDigital Bank president and CEO Danilo Mojica II said in a press statement.
“By embedding insurance seamlessly into their daily banking, we provide a vital safety net, empowering them to protect their hard-earned progress and pursue their aspirations with confidence," Mojica said.
"Chubb is committed to supporting UD in strengthening financial resilience in the Philippines by providing consumers with insurance that is accessible and affordable,” Chubb Philippines country president Mari Rachelle Canta said.
“Our products are designed to help build financial security for un- and under-insured Filipinos, ensuring they have access to crucial protection when they need it most. By partnering with UD, we look forward to leveraging our combined strengths to deliver customer-focused digital insurance solutions to UD customers," Canta said.
The bottom line
The collaboration underscores a broader industry push toward embedded finance, where insurance products are integrated into everyday banking experiences to reduce barriers to adoption and strengthen financial resilience among Filipinos. —Vanessa Hidalgo | Ed: Corrie S. Narisma
