SB Finance, an affiliate of Security Bank Corporation, has partnered with global insurtech bolttech and MAAGAP Insurance to introduce a bundled loss-of-employment protection feature for motorcycle loan customers in the Philippines.

This initiative strengthens the MotorsikLOAN programme by offering riders financial stability during unexpected life challenges.

MAAGAP Insurance is currently the only insurer in the country authorised by the Insurance Commission to provide insurance for involuntary loss of employment due to just and lawful causes.

Under this collaboration, SB Finance will bundle the protection with all motorcycle loans issued through its retail network, while bolttech will manage distribution and claims services.

Abbie Dans-Casanova, President and CEO of SB Finance, noted:

“This collaboration allows us to bring added value to our customers by combining SB Finance’s expertise in consumer lending with innovative protection solutions. Together, we’re empowering more Filipinos with financial confidence as they pursue their mobility goals.”

Eligible borrowers receive coverage for one loan instalment if they experience an involuntary loss of employment.

The policy further provides accidental death and disablement protection and a daily hospital benefit of PHP 500.00

Additionally, customers have access to teleconsultation services for medical advice following an accident.

Jemma Dela Cruz, General Manager of bolttech Philippines, stated that the programme uses seamless distribution and claims servicing to help customers stay financially secure through “life’s uncertainties”.

She added,

“Partnering with SB Finance and MAAGAP Insurance helps us to deliver on our vision to connect people with more ways to protect the things they value.”

Featured image: Edited by Fintech News Philippines based on an image by Design_Error via Freepik.