GInsure eyes more MSME financial products

“In the future, we are looking at offering more comprehensive products to our business owners, such as a comprehensive property insurance product for businesses,” Jay Young, GCash senior manager and partnerships and business development head for GInsure, said on the sidelines of BusinessWorld Economic Forum 2025 last month.

“We will cover the structure and machinery that they have,” he added.

The company also plans to launch an insurance product that allows micro, small and medium enterprises (MSME) to buy health cards for their employees.

“Right now, a lot of big corporations already make the health card as part of the compensation package that they give to their employees,” he said, noting that many MSMEs are unable to provide health cards to their workers.

“These businesses, from the middle, small, up to the micro, will now have a chance to actually buy and customize a health card benefit for their employees,” Mr. Young said. They seek to launch the product by year-end.

These target launches form part of GCash’s push to democratize financial services for people and businesses, he said.

“A big part of a business depends on its people, and if an employee is having a hard time in life or is sick… I’m pretty sure that won’t be a productive employee,” he said in mixed English and Filipino.

“If, as business owners, we can provide our employees with a risk-mitigation tool such as medical insurance, then that would make them more confident to do their job,” he added.

GInsure is a one-stop shop for low-premium insurance products accessible via the GCash app. Its products include life, health, car, pet and travel insurance.

Of GCash’s 90 million users, about 60 million are eligible to buy insurance, Mr. Young said.

Insurance penetration slightly improved in the first quarter to 1.89% from 1.78% a year earlier, according to the Insurance Commission. — Beatriz Marie D. Cruz