Insurance technology startup Kwik.insure is eyeing to provide healthcare coverage to underserved micro, small, and medium enterprises (MSMEs) and freelancing sectors.
Citing data from the Insurance Commission, Kwik.insure said that out of over one million companies in the Philippines, only 2% are providing healthcare coverage for their employees and dependents, with most being large enterprises.
With this, the insurance platform launched KwikCare Health Subscriptions which is a monthly-billed healthcare plan designed for MSMEs.
Kwik.insure said that subscriptions for the new healthcare plan starts at P995 per month with a maximum benefit limit per illness of P50,000 up to P150,000.
"So many MSMEs and Filipinos are trying to get health coverage. But they are challenged with the affordability of plans, rigidity of requirements, and the cash burden of upfront fees," said Kwik.insure CEO Hamilton Angluben.
"The challenges faced by these groups are similar and can be addressed through digitalization, progressive underwriting, and collaboration. We are excited to launch the Philippine-first health subscription plans and will introduce more inclusive variants in the coming months," he added. —VAL, GMA Integrated News