GCash Expands Insurance Reach, Sells 28.3M Policies

GCash, the leading finance app in the Philippines, has reported a 140% increase in its insured user base, reaching 7.8 million people as of the second quarter of 2024.

Through its GInsure platform, GCash sold 28.3 million insurance policies, reflecting a 156% year-on-year growth.

The platform’s rapid expansion is part of a broader effort to address the country’s low insurance penetration, which remains at 1.68% of GDP, significantly lagging behind regional peers like Thailand and Malaysia.

The surge in GInsure users highlights the growing accessibility of insurance in the Philippines, where financial inclusion remains a major challenge.

Winsley Bangit, GCash vice president and group head of new businesses, expressed the company’s commitment to making insurance more accessible.

“We are pleased to see the significant growth in our GInsure platform. This reflects our ongoing commitment to financial inclusion and our mission to provide ‘Finance for All,’” said Bangit.

GCash’s integration of insurance products directly into its app has made it easier for Filipinos to access coverage options such as life, health, and travel insurance. This seamless access has been crucial in driving the adoption of insurance products among previously uninsured or underinsured populations.

As part of its 20-year milestone, GCash continues to evolve from a mobile payments platform into a comprehensive digital financial service provider.

From savings and investments to insurance and credit, GCash aims to cater to the diverse financial needs of Filipinos. Its simplified application process, which reduces the paperwork required for insurance products, has further encouraged adoption, particularly among the unbanked.

With the Philippines’ insurance penetration rate significantly lower than the global average of 7.2%, GCash’s efforts are shaping the future of financial services in the country.

By offering accessible, affordable insurance solutions, GCash is helping Filipinos achieve better financial security and independence.