DiskarTech offers sachet insurance for COVID-related protection
For as low as P35, Filipinos will now have another tool to cope with the coronavirus pandemic with Rizal Commercial Banking Corporation’s (RCBC) new sachet insurance products that offer coverage.
RCBC’s DiskarTech app has created a line of affordable and accessible insurance products for small businesses and individuals in partnership with Malayan Insurance Co., In., the leading non-life insurer in the Philippines.
“By making the microinsurance available via the DiskarTech app, more Filipinos will benefit from the app’s wide reach and accessibility, especially at a time when face-to-face transactions are rather risky. This is how we tell our customers that we value them: stay safe at home while we take care of your future concerns,” said Eugene Acevedo, President and Chief Executive Officer of RCBC.
With business uncertainty still a pressing concern, small business owners can rest easy with “Sari-Sari Store Insurance” that provides up to P25,000 in fire cash assistance and accidental death, disability, and disablement assistance, for only P35.
The pandemic also highlighted the importance of health insurance, as access to healthcare became difficult if not nearly impossible especially for the less privileged, with at least two out of every five Filipinos turning to microinsurance to future-proof their lives, according to the latest Insurance Commission data.
Thus, DiskarTech came up with the PanProtect line of insurance products to offer more affordable health insurance plans for its users.
PanProtect 130, Senior 195, 600, and Senior 900 offer cash assistance for COVID-19 and Chikungunya hospitalization and death, as well as regular medical reimbursement and accidental death cash assistance.
PanProtect 130 covers users 1-59 years old for only P130 for a period of six months.
PanProtect Senior 195 covers users and 60-75 years for P195 for the same period. Insurance coverage for both ranges from P500 to P12,500 pesos.
Meanwhile, PanProtect 600 and PanProtect Senior 900 give coverage for the same age groups for 12 months, for P600 and P900, respectively. Insurance benefits for both coverages ranges from P750 to P100,000. All insurance products offered through DiskarTech are underwritten by Malayan Insurance, a sister company of RCBC in the Yuchengco Group of Companies.
“We are extending Malayan’s goal of providing relevant protection to more Filipinos through this new partnership,” said Malayan Insurance President and CEO Paolo Y. Abaya. “DiskarTech’s digital reach shall enable safe and convenient access to Malayan’s microinsurance products that are made especially for our health and economic front liners during these trying times.”
“The pandemic has shown us that as members of one nation, one society, we are only as strong as the person next to us. By supporting the Insurance Commission’s goal of increasing insurance penetration through microinsurance and digital tech, we hope to do our share in leading our country from the worst of the crisis,” Abaya added.
Digital shift in insurance and wider adoption of insurance technology or insurtech is expected to strengthen the reach of microinsurance platforms, especially in times of crisis, according to the Insurance Commission.
According to their latest data, more than 48 million Filipinos are currently covered by microinsurance. Mobile financial apps like DiskarTech aim to boost these numbers, in line with the Philippines ’ goal of extending microinsurance coverage to around 50 million Filipinos by 2022.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’ best digital bank by the Asiamoney and the Alpha Southeast Asia, among other global and regional recognitions. It is also the first local universal bank to have the most extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.