In a nation where merely 2% of the population has access to life insurance, the Philippines grapples with one of the lowest insurance penetration rates in Asia. This is rooted in factors such as low financial literacy, misconceptions about insurance, and economic hurdles—particularly in remote areas and lower-income communities. However, the widespread availability of mobile phones and internet connectivity in the Philippines provides a unique opportunity for change.
At the forefront of addressing these challenges is Etiqa Philippines, the country’s leading insurtech advocate. With over 60 years of experience, Etiqa Philippines is increasingly leveraging digital solutions to overcome barriers in access, perception, and affordability of insurance solutions. The company is committed to empowering Filipinos from all sectors of society to secure their future and contributing to the positive transformation of the insurance industry.
Humanizing Insurance Through Insurtech
Etiqa Philippines’ main thrust is to humanize insurance, and this is in line with the company’s purpose of making the Philippines a better place.
The first step to humanizing insurance is to influence the increase of insurance penetration. Etiqa Philippines helps enhance financial literacy in the insurance industry through educational programs for Filipinos, collaborating closely with the Insurance Commission to leverage technology for a wider reach. The company utilizes insurtech to distribute insurance products and serve customers efficiently.
To address the various insurance needs of every Filipino, Etiqa Philippines provides a comprehensive range of insurance solutions that can easily be availed through the Etiqa Philippines website, Smile PH 3.0 App, HR and Provider Portals, and Doctor’s App.
Recently, Etiqa Philippine launched its electronics and gadget insurance through embedded insurance in major e-commerce platforms like Lazada, Shopee, and GCash to offer protection to valued items bought online. In the past one and a half years, Etiqa Philippines has sold more than 15 million policies.
The second step to humanizing insurance is through Etiqa Philippines’ composite license. As one of the few insurance companies in the country holding a composite license, Etiqa Philippines simplifies the insurance process by presenting a consolidated range of Life and Non-Life insurance products under a single brand. This makes access to insurance solutions easier and more seamless for the customers.
Etiqa Philippines also develops products to protect Filipinos across all social classes including the underrepresented segments like the Muslim community and the gigster economy. In line with this, Etiqa Philippines will soon launch Takaful insurance and the new Hero Personal Accident insurance product for the gigster economy.
Customer-Centric Solutions
Etiqa Philippines’ ability to address the common challenges faced by customers is evident in two compelling scenarios that showcase practical solutions. In the first scenario, customers faced uncertainties regarding how and where to purchase their insurance products. Etiqa Philippine resolved this concern by making its innovative insurance solutions accessible through the website. With a user-friendly interface, customers can easily explore and purchase various affordable insurance products without the need for underwriting, ensuring accessibility for Filipinos from all walks of life.
In the second scenario, customers expressed difficulties managing their insurance products, desiring a facility for independent policy viewing and transactions without the need to contact hotlines or agents. Etiqa Philippines introduced the Smile PH app, a unified omnichannel platform, which efficiently integrates common features like inquiries, profile personalization, and contact details updating with specific transactional processes, providing clients with a more seamless user experience. The app allows plan holders to access information and services for both Health and Life insurance products at their convenience, wherever and whenever necessary.
Testaments to Excellence
Etiqa Philippines’ unwavering dedication to fostering technology and innovation for the advancement of the insurance industry is reflected in the accolades it has recently received.
Notable among these recognitions is the “Golden Arrow Award 2023” for good corporate governance, presented by the Institute of Corporate Directors. Additionally, Etiqa Philippines’ efforts were acknowledged at the Insurance Asia Awards, where it secured the title of “Insurtech Initiative of the Year” in 2023, alongside winning the “Customer Service Initiative of the Year” for the Philippines in 2022. The Singapore-based Charlton Media Group also honored Etiqa Philippines with the “Insurtech Initiative of the Year” award, further solidifying its position as a leader in technological innovation. Adding to its prestigious collection, Etiqa was named the “Best Insurtech Initiative in the Philippines” at the International Finance Awards in 2022.
Etiqa’s Leadership and Competitive Edge
As the leading advocate of insurtech in the country, Etiqa Philippines collaborates with industry leaders to promote the use of technology to improve various aspects of the insurance process. The company is leading a transformative journey towards a more accessible, customer-centric, and digitally driven future for the Philippine insurance industry. In the rapidly evolving insurance industry, Etiqa Philippines stands firm in its goal to make the country a better place through innovative and inclusive Life, Health, and Non-Life insurance products. With a focus on humanizing insurance, Etiqa Philippines not only addresses current challenges, but also paves the way for a more inclusive and secure future for all Filipinos.
