The pandemic has brought to the forefront the importance of prioritizing the health and financial security of our families. Insurance aims to protect society, businesses, and individuals from loss and to help them recover when such loss or damage occurs. Yet, insurance penetration rates in the Philippines are among the lowest in Asia. Insurance Commission (IC) data shows insurance penetration, defined as insurance premiums as a share of gross domestic product (GDP), at only 1.69% percent as of September 2020. The majority of Filipinos perceive insurance – an intangible product – as complex and confusing. In addition, current products and means of distribution are often expensive compared to need or ability to pay. UBX aims to simplify insurance with Assured, UBX’s new embeddable insurance platform.
UBX, named the Fastest Growing Fintech Company in South East Asia in 2021 by Global Banking and Finance Review, is launching Assured together with insurtech partner Coherent. UBX has partnered with global insurance giant Chubb to underwrite the pioneer product which is embedded as a feature of one of their prominent financial service offerings.
Assured is an insurance platform that virtualizes insurance packaging and experience by delivering multiple protection products from multiple insurance carriers through multiple channels. The first channel leveraging this new platform is i2i, the nation’s fastest growing payments and open finance network which digitally enables financial institutions and other community-based financial service providers. Customers of the hundreds of financial institutions and service providers using i2i can now enjoy UBX Bills Payment Group Personal Accident Insurance underwritten by Chubb as a value-added protection feature when paying their bills via the platform. This insurance provides 30 days of coverage for accidental death and permanent total disablement. Customers are entitled to a lump sum benefit of up to 3 years or 36 times of the enrolled monthly bill amount.
