FWD partners with GCash to provide innovative protection against BIG 3 critical illnesses
Manila, Philippines, 26 February 2024 – FWD Life Insurance (FWD Philippines) has partnered with GCash, the Philippines’ leading finance super app and biggest cashless ecosystem, to encourage more Filipinos to get coverage against the three major critical illnesses in the country.
To make health protection easily accessible, FWD’s BIG 3 Critical Illness Insurance is now available for purchase by GCash users through its GInsure feature for as low as PhP298 per year.
“We’re optimistic that this seamless and innovative partnership with GCash can inspire and drive more young Filipinos to become protected,” says FWD Philippines Chief Partnership Officer Irene Andas during the contract signing.
Through this partnership, FWD Philippines aims to foster a sense of trust and reliability among Filipino digital natives who primarily use GCash for their financial needs and provide accessible protection against the most critical illnesses.
Bridging the insurance gap with affordable and accessible health coverage
According to the Philippine Statistics Authority, the leading causes of death for Filipinos in 2023 are heart attack (19.3%), cancer (10.4%), and stroke (10.3%).
This is significantly more concerning as a nationwide survey reveals that three out of five Filipinos lack medical insurance, indicating that most Filipinos do not get medical insurance primarily because they can’t afford it (63%). Meanwhile, 30% of Filipinos rely on government’s health programs, 22% are deterred by the limited coverage and exclusions, and 15% are not aware or don’t fully understand the available insurance options.
“Most young Filipinos today do not have protection against these illnesses, especially since they can happen unexpectedly,” shares FWD Philippines Chief Marketing and Digital Business Officer Roche Vandenberghe. “However, we hope that by making this plan available via GCash, we can bridge the protection gap and make it easier for them to become prepared for such challenges.”
GCash Vice President and Group Head of New Businesses Winsley Bangit also expressed high hopes for the partnership. “We share FWD’s commitment to help more Filipinos especially when it comes to health and financial protection,” says Mr. Bangit. “With just a few taps, one can now get year-long protection against these top three illnesses.”
Easy cover for heart attack, cancer, and stroke
Once availed, policyholders will be receiving exclusive e-gift vouchers worth PhP100 via Giftaway and claim 20 days after purchasing the policy. Customers may avail themselves of multiple policies with critical illness coverage of up to a maximum of PhP2 million.
Vandenberghe further emphasizes that this collaboration with GCash is a milestone for FWD as it celebrates its 10th year in the Philippines in 2024. “FWD continues to contribute to nation-building by empowering the next generation with more affordable insurance and protecting themselves and their loved ones.”
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About FWD Philippines
FWD Life Insurance Corporation (FWD Philippines) launched its commercial operations in September 2014. Currently, FWD Philippines ranks number one in customer experience among insurers in the country1 and maintains its position as top three and six in terms of paid-up capital2 and new business annual premium equivalent3, respectively.
FWD Philippines is part of FWD Group, a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10th anniversary in 2023. The company is focused on making the insurance journey simpler, faster, and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, please visit fwd.com.ph.
1 Based on KPMG's Global Customer Experience Excellence Report 2023
2 www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2022 > Based on Paid-Up Capital
3 www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2022 > Based on New Business Annual Premium Equivalent
About GCash
GCash is the Philippines’ Leading Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines which is a part of the country's leading digital solutions platform, Globe Group.
