Singapore-based insurtech company Gigacover targets offering insurance services to Filipinos digitally and thus achieve the long-desired inclusivity in insurance cover.

Positioned to establish leadership in the market, Gigacover is also targeting more partnerships across different industries to offer 360 protections for Filipino workers and businesses.

In his interview with the Daily Tribune's digital show Usapang Business, Amerson Lin, co-founder and CEO of Gigacover, said their company wanted to be a catalyst in improving the insurance system of the country, particularly improving the stance of Filipinos covered by insurance.

"The reason why we chose the Philippine market is because we want to raise the insurance penetration levels of our region, as Gigacover builds digital insurance programs using our technology and understanding of the markets to partner with insurance. We build these programs and sell them to clients," he said.

He said clients can use their technology for their own needs or expand the ecosystem, as the Philippines is already ripe when it comes to innovation.

"Our team knows that Filipinos are very open to buying things online and very comfortable with online payments and e-commerce, and their mentality is very cultural towards healthcare and protection. It increased due to Covid-19, which brought awareness and education," according to Lin.

Low participation rate

"Despite increased awareness of insurance due to the impact of Covid-19, the current penetration rate in the country remains significantly low at about 3 percent. While more Filipinos are now educated about the need for protection, this also shows us that accessibility is still a gap that needs to be addressed," shared Lin. As we cement our leadership and diversify our services in the market, we will continue working with our partners to make insurance more accessible," he stressed
Gigacover targets uninsured Filipinos working in various industries.

"Our target markets are automotive, financial services, and tech companies. We offer them generally two areas — protecting your people and then protecting your operations. So, in terms of protecting people, we offer smaller-size HMOs (health maintenance organizations) or benefits. We offer them income protection. We offer personal accident medical expenses. On the operational side, this means if you're business is involved in logistics, we offer good transit or passive insurance. Or if you're more professional, we can help you with a professional indemnity of identity," Lin explained.