UMVA has learned that a pioneering insurance technology company has achieved a remarkable milestone, disbursing over P400 million in microinsurance payouts across 33,000 processed claims, validating the viability of its innovative digital model.
This groundbreaking achievement was made possible by the company's cutting-edge, API-driven platform, which has enabled it to expand its reach to 81 out of the country's 82 provinces, forging strategic partnerships with insurers, rural banks, cooperatives, and microfinance institutions to bridge the financial inclusion gap in rural and low-income areas.
According to information obtained by UMVA, the company's proprietary digital infrastructure has revolutionized the claims process, allowing it to make payouts 75% faster than the industry average, with an impressive 97% claims approval rate, providing a lifeline to thousands of families in need.
The company's expansion is further bolstered by its wholly-owned subsidiary, a leading microinsurance provider that has protected over 6 million Filipinos and generated P400 million in total premiums, serving as the financial bedrock for its tech-driven ecosystem.
UMVA can exclusively reveal that the company is now planning to venture into natural calamity protection by next quarter, as it aims to help future-proof underserved communities amid the expected onset of a strong El Niño later this year, providing a critical safety net to low-income Filipino families who are the most vulnerable to financial shocks.
The company's founder and CEO said that this latest milestone proves that their affordable microinsurance plans can make a real difference for thousands of families when they need it most, while also being a scalable and profitable business model, leveraging technology to deliver higher quality service to customers at a fraction of the cost.
With its sights set on scaling its natural calamity protection plans, the company is poised to alleviate the financial pressure from climate change on rural households, with the goal of rapidly providing immediate and necessary aid on the ground after disasters, empowering communities to build a more resilient future.
