Mobile wallet company PayMaya Philippines has partnered with international InsurTech firm bolttech to offer "sachet-sized" insurance products and services tailored for the country's young and underserved market.
The products are under “PayMaya Protect,” which is powered by the insurance exchange platform of bolttech. It may be accessed through the PayMaya app. The insurance cover is offered in partnership with underwriter Pioneer Insurance & Surety Corp., covering expenses for dengue, COVID-19, as well as permanent total disability. Health coverage products may be availed in bundles for minimum coverage of three months.
“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them,” PayMaya Philippines President Shailesh Baidwan said.
PayMaya and bolttech will also offer Mobile Protect which will cover mobile device services for cracked screens, water damage, and such incidents for devices. Consumers may purchase the package monthly.
PayMaya is a unit of Voyager Innovations, which is the digital arm of the telecoms and Internet giant PLDT.