InLife, GCash Partnership Sees P196M Transactions in 2021, Raises Women’s Role in the Digital Economy
Insular Life (InLife) recorded P196 million worth of transactions made through GCash from January to December 2021. This came from forty-six thousand transactions that were recorded using the GCash app for payments for various InLife insurance products.
But more than a channel to collect premium payments, the partnership between InLife and GCash serves a more meaningful purpose – inclusion.
“Our partnership with GCash, the largest FinTech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way,” said InLife Chairperson Nina D. Aguas during the formal launch of InLife’s partnership with GCash.
InLife term life insurance and accident insurance plans that do not need medical examinations are now available through GCash since last year. It also made the affordable emergency prepaid cards of its health subsidiary, Insular Health Care (IHC), available through GLife. The move is in line with InLife’s advocacy of promoting financial inclusion and empowering women through technology
Inlife and GCash advocates women empowerment by promoting financial inclusion through technology.
Empowering Women Through Financial Inclusion
“The Covid-19 pandemic has shifted the attitudes and behavior favorably toward getting adequate healthcare and insurance coverage. And data shows that it is the women who are active seekers not necessarily for themselves, but for their husbands, children, or parents,” Ms. Aguas pointed out.
She noted that because of its reach and wide use, GCash is very suitable in influencing the health and financial security of the bigger communities, especially those who are financially excluded.
In her message during the event, GCash President and CEO Martha Sazon said that their partnership with InLife has enabled them to bring affordable and accessible insurance coverage to everyday Filipinos.
“This has allowed them access to relevant products ranging from life insurance to health care coverage through InLife and InLife Health Care, respectively. We are providing more Filipinos access to get covered more quickly and conveniently, giving them and their loved ones peace of mind,” she said.
Ms. Sazon pointed out that their partnership with InLife is also bringing another much-needed and timely service for GCash users.
“This is another step forward in our pursuit of financial inclusion – where we strive to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked,” she said.
Ms. Sazon shared that their partnership comes during a significant point in GCash’s history when its user base has grown to over 55 million or over 70 percent of the adult population in the Philippines.
“Through our app, they now have access to digital financial services – even as the banking penetration remains low. Usage of our app is at an all-time high, as people now think of GCash as a digital life hack and more than just an e-wallet,” she said.
Inspired by the Sheroes Movement
IHC President and CEO Noemi G. Azura disclosed that their experience in the InLife Sheroes Movement, InLife’s women’s advocacy program, made them realize the importance of digital channels to reach Filipino women.
In a nationwide study conducted by InLife in 2018 for its Sheroes program, it learned that Filipino women are the primary caregivers in the family, including extended ones.
"We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for life and health for their family,” Ms. Azura said.
She added that digital technology is effective in terms of promoting awareness about the program, and in delivering educational activities on health and personal finance.
Ms. Sazon said that they are celebrating their partnership at a special time – Women’s Month.
“While tech is not usually a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employee base,” she said.
Addressing Challenges in Financial Inclusion
During the launch, InLife and GCash executives also took the time to discuss the challenges of financially empowering women and how both companies can address them.
Insular Health Care Head of Sales and Marketing Division Tricci Rose A. Sadian; InLife Vice President and Head of Digital Sales Distribution Geraldine G. Pascual; and GCash Assistant Vice President and Head of Financial Services, Distribution, BPO & CICO for Enterprise Kim Pineda shared their insights on financial inclusion for women. They also discussed the various products and services of InLife and GCash that cater to women.
“It is our hope that millions of Filipinos will enjoy peace of mind knowing that they have life and health insurance coverage for themselves and their loved available through GCash,” Ms. Aguas said as she concluded her speech during the event.
About The Insular Life Assurance Company, Ltd
Insular Life (InLife) is the first, largest, and only mutual Filipino life insurance company in the country with over 111 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.
As a mutual life insurance company, our accountability is to our policyholders. They can be assured of being protected by a company that has an asset base of over P148 billion and net worth of P37 billion. We have a nationwide presence in 53 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the growth and security of our partners, policyholders and beneficiaries, because we exist to offer a lifetime for good for everyone. For more information, visit www.insularlife.com.ph.
About GCash
GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1.3k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 4.5M partner merchants and social sellers; cash-in and cash-out at over 170k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 55 million Filipinos in the country today.
Nina D. Aguas is the Executive Chairperson of The Insular Life Assurance Company, the first woman to hold such top position. She drives the biggest and largest Philippine lif e insurance company in revitalizing its ways with the evolving market and future proofing itself, poised to be a force for good for the Filipino families today and tomorrow.
Recognized by the illustrious Forbes Magazine as one of the 25 Asia Power Businesswomen in 2019, Nina belongs to a select group of women who are breaking down barriers and shaping Asia’s business landscape. In September 2020, Business Insider Australia cited her as one of the 100 People Transforming Business in Asia.
Nina was also chosen as a member of the Advisory Council for Gender and Development by the World Bank Group in 2018 and has served her second term until December 2021 where she continues to progress women agenda in the global and local stage today. Nina has her sights set on lifting other women through her advocacy the InLife Sheroes Movement. In December 2021, Citi conferred to her the award, Distinguished Alumni for Leadership and Ingenuity.
Nina is a business leader with over 30 years in retail, wealth, investments, and private banking. She managed global and regional and country level businesses and operations in large international companies in developed and emerging markets in the Asia-Pacific and the US. She has a proven track record of building new businesses as well as defending and growing large existing ones in highly competitive and challenging environments, and through difficult economic cycles ranging from the Asian crisis to the 2007 global financial crisis. She transformed ailing operations into profitable businesses poised for growth. She started her career in SGV at a time when only exceptional women are allowed entry in the organization. She was the first female Regional Audit Director in Citibank. She was also the first woman Country Manager in Citibank, Philippines. The first woman to be the Managing Director of ANZ Retail Bank in Asia Pacific. The first woman to be the President and CEO of PB Communications. And the first woman CEO of the Insular Life Assurance Company after 106 years of operations.
Martha Sazon is the President & CEO of Mynt, which operates GCash. Previous to the role, Martha was a Senior Vice President at Globe as Head of the Broadband Business. With more than 20 years of experience in various industries like food, OTC drugs and personal care, she is highly experienced in transforming organizations and businesses.
In her 12 years in Globe, she has led various businesses such as postpaid mobile, small and medium business, and broadband. She has pioneered and executed breakthroughs, all anchored on addressing important customer needs such as the customizable plans in postpaid, introducing tech solutions for SME’s, even creating a new industry category in prepaid via the highly successful Globe Home Prepaid Wifi, while building agile and digital capabilities.
Martha has attended and finished IMD and INSEAD executive programs and has a Bachelor of Science degree in Business Administration and Accounting (Cum Laude), from the University of the Philippines, Diliman.
Noemi Azura is President and CEO of Insular Health Care and concurrently the Senior Executive Vice President, Head of Digital Insurance and Program Director of InLife Sheroes at Insular LifeAssurance Company Limited. InLife Health Care is the fast growing HMO subsidiary of Insular Life. InLife Health Care is a digitally enabled HMO that offers innovative and affordable healthcare coverage solutions. She is also a member of the Board of City Savings Bank. She is a dynamic business leader with 30 years professional experience in consumer banking and in managed care. She held senior leadership roles at Citibank, American Express and Australia New Zealand Bank, where she built a banking career spanning 24 years. In 2018, Noemi received the University of the Philippines Distinguished Alumna Award of the UP Virata School of Business. In 2016, Noemi was awarded the Icons of Healthcare Singapore Award for Female Healthcare Professional of the Year award by BERG Singapore in recognition of her work in providing new age digital healthcare access to Filipinos. Noemi graduated from De La Salle University with a degree in Accountancy. She obtained her MBA degree from the University of the Philippines.
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