FPG Insurance, a major player in the non-life insurance industry, signed a partnership with GCash to offer retail insurance products within the mobile wallet. This deal marks FPG Insurance as the first non-life insurance company to partner with the fintech giant.
Under GInsure, the fintech’s insurance product offerings, users can now purchase insurance coverage for Comprehensive Third-Party Liability (CTPL) insurance and personal accident protection.
“This timely partnership is a testament of our steadfast commitment to make insurance available and accessible to all. The key to bringing insurance products closer to more people is to tap the potent digital community of GCash and this is only the beginning of many exciting things to watch out for,” FPG Insurance president and CEO Gigi Pio de Roda said.
With GCash’s latest addition to its insurance product offering, motorists can now buy CTPL Insurance, a mandatory vehicle registration requirement by the Land Transportation Office (LTO), for as low as P300.40 for motorcycles and P610.40 for private cars. FPG Insurance also offers personal accident insurance protection through MyPAP Mate, a 3-month insurance product now available to all GCash users for as low as P300.00 per individual.
“GCash and FPG Insurance are partnering together to bring new products for 50-million users nationwide. With these extraordinary times, we look for ways to make availing insurance easier and more accessible to all,” JF Darre, chief data officer of GCash said.
Under GInsure, FPG Insurance products are designed to be end-to-end with no redirection to external sites. App users can buy and get their insurance policies straight in less than five minutes.
GCash users can simply log-in to their GCash app and tap on GInsure. Under the GInsure, users can easily see the FPG Insurance products under “Marketplace.” Simply choose between MyCTPL Mate for compulsory third party liability insurance or MyPAP Mate for 3-month personal accident insurance.