Tech startup and online insurance marketplace operator Kwik.insure has launched today an affiliate program aimed at providing a boost to the insurance industry at the same time empowering Filipinos to earn more even during the pandemic.
In a statement, Kwik.insure said the affiliate program encourages ordinary Filipinos to be affiliates, who are invited to promote Kwik.insure and be rewarded with referral fees for every successful transaction on its website.
Through the program, Kwik.insure said it hopes to help the insurance industry grow by increasing the insurance awareness in the country.
“We hope to strengthen the insurance industry by tapping ordinary Filipino—anyone who has access to a digital platform— to break the stigma and misconception about insurance. Through the program, we hope to encourage Filipinos to be our advocates, as learning is more effective when it comes from someone we trust or look up to,” said Kwik.insure founder and CEO Hamilton Angluben.
The company said the Philippines is far behind the global benchmarks for insurance penetration and density.
Citing data from the Insurance Commission (IC), Kwik.insure said that the insurance penetration in terms of total premiums sold in the country is at 1.69%, while the global average is at 6.09%.
Likewise, insurance density or insurance premiums per capita in the Philippines averaged at $55, while the global average is at $682.
“We really have a long way to go, but we believe that through the affiliate program, we will be able to encourage more Filipinos to get insured, especially during these trying times,” Angluben said.
The program is also aimed to give Filipinos an additional revenue stream.
Through the program, the company said affiliates can earn extra income by simply referring people to buy insurance on the online marketplace.
Referral fees start at 3% and can go up to 10% of net premiums, depending on the product.
“We are creating a win-win-win scenario where the client, affiliate, and our company all benefit from the program. The client gets insured by the top providers in the country, the affiliate earns from the referral fees, and our company gets to market more insurance products. Not only does it get more people insured, but it also provides an extra source of income for Filipinos,” Angluben said.
Meanwhile, the IC lauded Kwik.insure in launching the affiliate program, saying that this can help bolster the confidence of Filipinos to insurance.
“We welcome the initiative of Kwik.insure to help increase the insurance awareness in the country and get more Filipinos insured. Having more people promoting the importance of insurance is a progressive strategy to uplift the industry as a whole. We wish them success on the launch of their affiliate program,” said IC Commissioner Dennis Funa.
Kwik.insure said those interested to become affiliates need only to fill out a personal information form and input their payment details for the referral fees, which will be credited each month.
Kwik.insure, the Philippines’ largest online insurance marketplace, has 17 insurance and health maintenance organization (HMO) providers.—AOL, GMA News