Less than 20% of Filipinos have availed of insurance products with majority still viewing it as an expense rather than an emergency fund. Sadly, lower income Filipinos are not even aware of them. This is despite the insurance industry being around for more than 100 years already.
MAPFRE INSULAR and EON share the vision of bringing financial services closer to more Filipinos.
As one of the top ten non-life insurance companies in the Philippines, MAPFRE INSULAR recognizes that it’s thousand-strong agent force will never be enough to reach the untapped market. Digital is the best and fastest means to get Filipinos insured. It is the way of the future.
On the other hand, EON, since its inception two years ago, has always tracked the digital path.
Early this year, it has shifted gears and is on its way to becoming the preferred bank of the broader mass market. It now offers a suite of deposits, loans, and payment products through its online market place for financial transactions. EON believes that even non-life insurance, like any other financial transaction, can be commoditized and sold digitally through its digital financial market place.
With the combination of EON’s digital strength and MAPFRE’s credibility, Filipinos are set to benefit from this partnership.
“In MAPFRE, we have made initial strides towards going digital by enabling our website to accept applications for some of our insurance products. We believe that this partnership with EON will amplify our efforts in bringing our products into the hands of our customers,” explained Tirso Abad, President & CEO of MAPFRE Insular.
Currently, customers who want to purchase selected insurance products from MAPFRE Insular’s website are required to pay via credit card. This hinders non-credit card holders to avail and benefit from the online service.
On the other hand, EON’s open banking capability enables even non-EON accountholders to avail of services in their website and app.
“Customers can transact in our website or app using any Visa or Mastercard debit or prepaid card. Offering vouchers in our digital financial market place allows more people to avail of MAPFRE’s online insurance products as vouchers are accepted forms of payment in MAPFRE’s website”, added Paolo Baltao, EON Banking Group Head.
Currently, customers may already purchase MAPFRE’s Compulsory Third Party Liability (CTPL) Insurance vouchers from EON’s website (www.eonbankph.com) and EON Bank PH app. Soon, EON will also be offering Travel Insurance, as well as Personal Accident Insurance from MAPFRE.