Insurtech firm Igloo and non-bank financial institution M Lhuillier launched two annual calamity protection insurance plans on Nov. 10 across more than 3,000 M Lhuillier branches nationwide.
The plans, called Calamity Protect Basic and Calamity Protect Plus, provide one-year coverage for adults aged 18 to 65 against accidental death or disability. Policyholders also receive cash assistance if their homes sustain damage from fire, lightning, an earthquake, a typhoon or a flood.
The rollout targets low-income and unbanked households in a country where insurance penetration remains at roughly 2% despite frequent natural disasters. More than 200 flood-affected families have already received payouts under the program.
Over-the-counter access for underserved households
Through the partnership, customers can purchase insurance policies at the same physical counters they use for remittances, bill payments and pawning transactions.
“Low-income households are among the least insured in the Philippines, and they are often the hardest hit when a disaster strikes,” said Ramjit Lahiri, Philippines country head at Igloo. “Many of these families already rely on M Lhuillier for their everyday needs. Now they can protect themselves and their homes for a full year, through a name they trust.”
Michael Lhuillier, president and CEO of M Lhuillier, said adding insurance expands the company’s existing suite of financial services for walk-in clients across its branch network.
Igloo expands offline footprint following GCash rollout
The M Lhuillier partnership marks an offline expansion for Singapore-based Igloo, which has facilitated more than 300 million policies in the Philippines through over 20 distribution partners. (Read More: ₱167 a Month: Singlife, AUB Launch In-App Health Insurance on HelloMoney and Hello Pag-IBIG)
Igloo previously focused on embedding digital microinsurance into mobile apps and e-commerce platforms. In September 2021, BitPinas reported that Igloo partnered with e-wallet provider GCash to launch online shopping protection insurance for mobile users. Igloo and GCash later expanded their collaboration with local underwriters Etiqa and Malayan Insurance to offer gadget protection, pet insurance, travel coverage and NegosyoCare, a policy for micro, small and medium enterprises. (Read More: GCash Partners with Igloo for Online Shopping Protection Insurance)
Calamity Protect Basic and Calamity Protect Plus are available nationwide at M Lhuillier branches.
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: Filipinos Can Now Get Year-Round Typhoon, Flood, and Fire Home Protection at Any M Lhuillier Branch
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