Malayan Insurance Co. Inc., a non-life insurer of the Yuchengco Group of Companies, is expanding its client base through protection products specifically designed for golfers and e-commerce shoppers.
Malayan Insurance chief marketing officer Anthony Guanzon said demand for golf insurance started growing since the pandemic.
“We just try to have relevance to the market,” he said last Thursday at the formal launch of the product in Bonifacio Global City, Taguig.
The golf insurance offers protection for various circumstances.
First, the insurance shoulders costs of damage on equipment, such as high-end golf clubs or loss of golf bags due to theft.
Second, it allows golfers who scored a hole-in-one shot to receive the prize in lump sum.
To draw huge participation from golfers, tournament organizers usually offer a big prize for a hole-in-one shot.
The golf insurance helps the organizers fulfill their promise immediately without depleting their coffers, especially when several players achieve the difficult shot.
Third, the golf insurance covers damage on resources of third parties, such as golf carts and medical expenses for injured caddies and other third-party entities.
Last, it provides financial support for accidental death, disablement and dismemberment of clients caused by playing golf.
Clients can avail of the insurance products wherever they play the sport in various parts of the world.
Malayan’s golf insurance is consumable within a year and is prized at P895.
“We’re making the product more inclusive and have accessibility,” Guanzon said.
“In case of accidents, just call Malayan and get your claim. You can use it once you add the insurance product to the basket,” he said.
Guanzon expects more golfers to avail of the insurance after launching it on Lazada in November last year.
Malayan Insurance previously conducted a soft launch of the golf insurance in July, promoting and delivering the product through its insurance agents.
“Now that we’re in Lazada, that’s where we’re seeing the surge,” Guanzon said.
He said Malayan Insurance aims to become the top provider of golf insurance in the country, stressing that less than five firms are offering the product so far.
During the first Philippine golf summit in November 2023, Department of Tourism Secretary Christina Frasco said the government aims to promote over 100 golf courses across the country as the golfing community expands.
For example, the Professional Golfers Association of the Philippines shares it has attracted over 1,000 members since the group was incorporated with the Philippine Securities and Exchange Commission in 1966.
E-commerce protection
Guanzon added Malayan Insurance will introduce a comprehensive insurance product for online shoppers and e-wallet users.