PayMaya Teams up With bolttech to Offer Microinsurance for Filipinosby Fintech News Philippines October 15, 2021
Philippines digital wallet PayMaya has teamed up with Singaporean insurtech bolttech to give Filipinos easier access to affordable microinsurance and services products.
Through the collaboration, PayMaya’s customers can benefit from relevant and easy-to-understand coverage with the in-app Protect feature, powered by bolttech’s insurance exchange platform.
PayMaya has been working with bolttech to develop more flexible ‘sachet-sized’ insurance and services products better suited to the country’s predominantly young and underserved market.
The Protect feature also offers customers more flexibility, giving them more choices and better control over their finances as the products has a subscription model.
PayMaya said that customers can sign up in just a matter of minutes as the application process is completely digital and paperless.
They can also pay, view, manage and file claims on their policies directly in the app.
The launch of PayMaya Protect is part of the e-wallet’s broader digital financial services thrust, which includes the establishment of Maya Bank, the most recent recipient of a digital banking license from the Bangko Sentral ng Pilipinas.
“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them.
Our goal is to bring more insurance and other protection products closer to the hands of every Filipino. Our deep understanding of our customers combined with bolttech’s leading-edge expertise will enable us to achieve this through our top-rated and reliable PayMaya app,”
said Shailesh Baidwan, President of PayMaya.
“We share PayMaya’s vision of empowering more Filipinos with convenient insurance products suited to their lifestyle needs.
We are very excited to work with the PayMaya team to bring best-in-class digital products to their users, improving access to insurance for a new generation of customers,”
said Moritz Gastl, General Manager of bolttech Philippines.