In a nation where household income is primarily earned by one family member, fintech company Peppermint Innovation (ASX: PIL) will be able to support families should the breadwinner encounter an unfortunate event, through the launch of their micro-insurance service in the Philippines.
The bizmoProtect service enables Filipino residents to purchase insurance products which will insure families for accidental death, dismemberment and/or disablement from within Peppermint’s popular bizmoto app. Additional products also cover cash assistance, property damage, unprovoked assault and COVID-19 emergencies.
“Offering accessible and affordable insurance products is an extremely important part of Peppermint’s overall vision to deliver financial inclusion and social good to the Filipino people,” said Peppermint Managing Director, Chris Kain.
“Often, Filipino families only have one wage earner, and they live hand to mouth. If that person’s ability to earn a wage is compromised, either through injury or sickness, then the whole family suffers.
“The aim of bizmoProtect is to deliver affordable and accessible accident and life insurance to Filipino people via our established bizmoto agent network using our new and improved bizmoto mobile App.”
Policies purchased through bizmoProtect will be fully underwritten by Cebuana Lhuillier Insurance Solutions which is an authorised insurance agency in the Philippines with commissions payable back to Peppermint.
Under the distribution agreement with Cebaunu, Peppermint will be responsible for promoting the insurance products, collecting premiums, complying with KYC requirements and participating and cooperating in financial literacy campaigns.
At present, the bizmoto app is currently only available for download by Android users but it is expected to be available to iOS users in the near future.
“bizmoProtect represents the first product to be launched within our targeted financial services business sector and means that our bizmoto ecosystem is now live across all of the four key targeted business sectors of mobile payments, eCommerce, delivery and logistics and financial services,” said Kain.
The launch of these insurance products are part of Peppermint’s Philippines-focused strategy to bring financial inclusion for the nation where 70% of the 108 million population are unbanked.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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