PayMaya to sell micro-insurance products via deal with Singapore’s Bolttech

Financial technology player PayMaya Philippines Inc. announced it has partnered with the Singapore-based Bolttech Group to sell micro-insurance to Filipinos through its mobile platform.

The company, which is a unit of a PLDT Inc. subsidiary, said it housed insurance products under a sub-portal in the PayMaya app.

The company said it will sell plans that will cover dengue and Covid-19 cases and permanent total disability as well as insurance for mobile devices.

“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers,” PayMaya President Shailesh Baidwan was quoted in a statement as saying.

PayMaya’s announcement came a month after competitor Globe Fintech Innovations Inc. (GFII) launched in September an online-shopping insurance also with Singapore-headquartered regional insurtech Igloo-operator Axinan Pte Ltd. GFII, which owns and operates the e-wallet app “GCash,” said the insurance is underwritten by Singapore-based PGA Sompo Insurance Corp.

While GFII said the move is to insure its customer base, Paymaya’s Baidwan said theirs is part of the firm’s goal of “strengthening the digital financial services industry in the Philippines.”

“Our goal is to bring more insurance and other protection products closer to the hands of every Filipino. Our deep understanding of our customers combined with Bolttech’s leading-edge expertise will enable us to achieve this,” Baidwan said.

Bolttech Philippines General Manager Moritz Gastl said he sees the “sachet-sized” insurance as tailored-fit for the country’s predominantly young and underserved market.

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