Senangdali, a subsidiary of the Malaysian insuretech firm Senang.io, has launched a new loan protection insurance product, GoodProtect, tailored for rural banks in the Philippines and underwritten by local insurance providers.
This strategic initiative, in collaboration with GoodTech, aims to provide financial security for over 57 million Filipinos, representing more than half (52%) of the national population. The Philippines is home to more than 350 rural banks, serving as crucial financial pillars in their local communities.
Recognising the distinct needs of these institutions, Senangdali has developed GoodProtect as a bespoke insurance product that integrates smoothly with the banks’ existing services. This initiative not only expands the banks’ service offerings but also strengthens the financial resilience of their clients.
This collaboration with GoodTech, facilitated by the Malaysia Digital Economy Corporation (MDEC) through the DEX Connex Philippines 2024, marks the beginning of an ambitious rollout plan. DEX Connex, initiated by the Digital Exports Division of MDEC, aims to extend the revenue reach of Malaysian tech companies into regional and global markets.
Following the introduction of loan protection insurance via GoodProtect, the partnership plans to launch a motor aggregator platform and personal accident insurance, broadening the spectrum of services available to rural banks.
GoodTech co-founder Jove Tapiador emphasised,
“Protection for the everyday Filipino and their loved ones is paramount. Microinsurance is the fastest-growing segment of the market, and our alliance with Senangdali enables our commitment to protect families through our rural bank partners.”
Sharian, CEO of Senang.io, highlighted,
“What sets our product apart is the customisation and integration process tailored for each rural bank, ensuring that their specific needs and the needs of their customers are met with precision.
Through this partnership, we are poised to reach at least one million customers within the next 12 months, launching various insurance products starting with embedded loan insurance focusing on the Rural Banks Partnership.”
Featured image credit: Edited from Freepik
