The Philippines has historically lagged behind its counterparts in Southeast Asia regarding insurance penetration. According to data from the Insurance Commission (IC), the country’s insurance penetration rate stands at 1.68% of GDP, compared with 3.3% in Thailand and 4.5% in Malaysia. Japan boasts an insurance penetration of 10%, while the global average rests at 7.2%.
This is the challenge that GCash, the leading finance app in the country, has been addressing as evidenced by the rapid growth of its insured user base to 7.8 million, marking a 140% year-on-year (YoY) surge. GInsure is the GCash in-app insurance marketplace. The fintech leader reported selling 28.3 million of insurance policies for the year, reflecting a 156% YoY growth as of the second quarter of 2024.
With this continuous growth, GCash has enabled more and more Filipinos to achieve a better and more secure financial future through its accessible and convenient insurance products right at their fingertips.
“We are pleased to see the significant growth in our GInsure platform. This reflects our ongoing commitment to financial inclusion and our mission to provide ‘Finance for All.’ Through GInsure, users can now manage unexpected expenses and help them be ready for a ‘rainy day’,” said GCash vice president and group head of new businesses Winsley Bangit.
As it marks 20 years of enabling financial inclusion for millions of Filipinos, the success of GInsure is part of GCash’s broader strategy to deliver comprehensive financial services that go beyond payments. From savings and investments to insurance and credit, GCash has evolved into a cutting-edge digital financial platform designed to meet the diverse needs of its users. The integration of these services into one app allows GCash to offer a seamless user experience, as well as a simpler application process by reducing the documents that a user requires to qualify for an insurance product, further encouraging the adoption of financial tools among Filipinos, especially the unbanked sector.
By integrating insurance products directly into the GCash app, the platform has made it easier for users to access various insurance options that cater to their specific needs—whether life, health, or travel insurance. This ease of access has been crucial in driving the adoption of insurance products among the previously uninsured or underinsured segments of the population.
As the leading fintech platform in the Philippines, GCash remains committed to driving financial inclusion and providing Filipinos with the tools they need to improve their financial health and independence. The continued growth in its user base and the increasing uptake of its insurance products underscore the platform’s role in shaping the future of financial services in the country.
