MediCard Philippines, Inc. projects growth amid increasing demand for healthcare coverage, focusing on product diversification and digitalization.
CEO Julian Mengual noted the gap between current coverage levels and the need for coverage, expecting continued market expansion over the next three to five years.
Referencing a study by the parent company, Mengual highlighted rising out‑of‑pocket healthcare costs and the potential to manage diseases early through preventive solutions.
The company aims to convert non‑purchasers into buyers by ensuring affordability and relevance of its offerings.
MediCard plans to introduce embedded insurance products this year through multiple partnerships, targeting unmet needs identified in the market.
Product expansion will target both corporate and retail customers, with new propositions for individuals that can be sold directly or through partners.
Investments in insurtech, particularly artificial intelligence, are intended to enhance services and distribution, creating a smoother customer experience.
A healthcare plan launched for gig‑economy workers and other individuals without regular company benefits has shown growth via agency channels, and the company anticipates further expansion.
Financial results for the first quarter show net income falling 75.39% year‑on‑year to 39.28 million pesos from 159.66 million pesos.
