ONLINE insurance marketplace Kwik.insure said on Thursday it has further democratized access to insurance in the Philippines through the introduction of a zero-interest installment payment scheme.
Kwik.insure Founder and CEO Hamilton Angluben said the group introduced the new payment scheme to make insurance more accessible to the average Pinoy, especially those who cannot make full payments for an insurance product.
Initially, the zero-interest payment scheme will be available for customers availing of insurance for their vehicles.
“Since our launch in March, we haven’t stopped innovating for ways that can make our customers’ experience better with every purchase. By introducing the zero-interest installment payment scheme for car insurance policies, we are helping bring insurance closer to Filipinos who need them at a much more convenient and affordable manner,” he said.
Customers have the option to pay zero-interest rates for installment periods of three months or six months. They may pay via 28 payment methods available in the platform, including debit, credit, e-wallets, bank transfers, and over-the-counter bank payments.
“Our goal is to drive growth in the insurance industry, while helping more Filipinos avail of affordable insurance products. At Kwik.insure, we believe that insurance should be available and uncomplicated for everyone for their financial well being. We plan to introduce the installment feature in all insurance lines in the future,” Angluben said.
Kwik.insure allows customers to browse through hundreds of insurance products that are being offered by its 20 partners and allow them to purchase insurance policies online.