TrueMoney, Bankers Assurance team up for microinsurance plan

MANILA, Philippines — Financial technology provider TrueMoney Philippines recently tied up with local insurance firm Bankers Assurance Corp. to launch an accident microinsurance plan for as low as P25.

The microinsurance product, dubbed as the “Tunay Mag-Alaga” insurance, seeks to provide Filipinos with protection against accident and other related medical expenses, according to TrueMoney chief executive officer Jacqueline Van Den Ende.

“The Tunay Mag-alaga Insurance helps address the risk priorities of the low-income sector such as unexpected death and medical expenses. The Tunay Mag-alaga Insurance provides coverage for loss of life (accidental death) or bodily injuries (medical reimbursement) caused by accidents,” she said.

Eden Tesoro, president of Bankers Assurance Corp., said the launch of the product is in line with both companies’ mission to provide Filipinos with affordable and accessible financial products.

“Every year thousands of people die or are injured in accidents. Sadly, so many Filipinos do not have accident insurance coverage. So when an accident happens, aside from the grief and emotional burden, many families suffer financial distress due to the unforeseen expenses associated with the mishap,” Tesoro said.

“This is why TrueMoney and Bankers Assurance developed the Tunay Mag-alaga Insurance program, so that more Filipino families can have peace of mind and be better equipped to face unexpected financial obligations arising from accidents.”

“We aim to help provide financial resilience through affordable and accessible insurance. In partnership with TrueMoney, Bankers Assurance is committed to support the drive toward financial inclusion in the Philippines by developing products that are more consumer-friendly and affordable, with less documentary requirements, and offering genuine value that customers can easily access, understand and appreciate,” she said.

For a premium of P25, the microinsurance plan will provide policyholders a three-month coverage which includes P20,000 accidental death benefit and P5,000 accidental medical reimbursement benefit. Buyers also have the option to get longer coverage of four months, six months or 12 months.

The product is available in over 20,000 TrueMoney centers nationwide.

TrueMoney founder and president Xavier Manzan, for his part, said the company’s partnership with Bankers Assurance is a “timely initiative” as many Filipinos still do not have insurance.

“We are very excited to be working with an innovative insurance company such as Bankers Assurance. In the Philippines, around 82 percent of Filipinos do not have any form of insurance protection, so providing easy access to a very affordable personal accident insurance product can go a long way for Filipinos. We will be leveraging our vast distribution network of 20,000 stores to date in the Philippines to cover more Filipinos and work toward a more financially inclusive country,” Manzan said.

TrueMoney Philippines, which operates under Ascend Money, is a digital finance joint venture of the CP Group in Thailand and Ant Financial of the Alibaba Group.

The company has over 70,000 financial services locations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines. TrueMoney aims to drive financial inclusion across the various countries by offering innovative and affordable financial services to the masses.

Bankers Assurance Corp. is a member of the Malayan Group of Insurance Companies, one of the largest non-life insurance group in the Philippines.