The bank recently finalised an agreement with Singlife Philippines, which will allow HelloMoney users to access insurance products directly through the app.
The available products include coverage for income loss due to disability or death. It also features funds for medical costs related to hospitalisation or critical conditions. Through this collaboration, the companies are providing a key demographic with more accessible insurance.
AUB Executive Vice President Wilfredo Rodriguez Jr. stated that the company’s services are primarily aimed at working-class Filipinos, whom he identified as the demographic most in need of financial protection.
Lester Cruz, CEO of Singlife, noted that the partnership aims to address the low insurance penetration in the Philippines. The number currently stood at 1.79% in the second quarter.
He said AUB has a very strong base of loyal customers, adding:
Lester Cruz
“One of the effective ways for us to be able to address this gap is going where the customers already are.”
In addition to the Singlife integration, AUB is collaborating with the SSS. Under a recent agreement, SSS members can now receive benefits, loan proceeds, and pensions directly through their HelloMoney accounts.
According to Rodriguez, this partnership exposes the e-wallet to the fund’s 40 million members and is a key part of the bank’s strategy to significantly grow its digital user base.
