Kwik.insure offers car insurance through GCash

INSURANCE PLATFORM Kwik.insure is partnering with GCash to enable car owners to purchase policies through the financial technology platform.

According to Kwik.insure, car owners can take out mandatory liability and fully comprehensive insurance through GCash.

“Car ownership is increasing here in the country and that has motivated us to continue helping Filipinos to ensure their road safety,” said Hamilton Angluben, Chief Executive Officer of Kwik.insure, in a press release on Sunday.

The service can be accessed through GInsure in the GCash mobile application.

“After clicking on their preferred insurance policy, all they have to do is provide the full details of their vehicle to see all of the options,” said Kwik.insure.

The insurance technology startup launched its online platform earlier this year, allowing users to obtain e-policies directly from insurance companies.

GCash’s president and chief executive officer said the new partnership is in line with the company’s goal of democratizing financial services.

Car sales rose 14% year over year to 26,456 units in November, according to data from the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association.

Vehicle sales in November surpassed total shipments from last year after the industry sold 240,642 units in the first 11 months, up 22.7% from 196,197 units sold in the same period last year.

Total industry revenue plummeted 40% year over year to 223,793 units in 2020 as the lockdowns were declared to contain the pandemic. – JP Ibañez

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