Recently, the Singapore-based insurtech startup Gigacover partnered with the international management consulting firm EXOASIA Innovation Hub to provide Filipino freelancers, start-ups, and micro, small, and medium-sized enterprises 360 digital insurance protection (MSMEs).
According to the Philippine Statistics Authority (PSA),
99.5% of companies in the country are micro, small, and medium enterprises. The
gig economy and startup business have also grown pace in the Philippines in
recent years.
Based on the Department of Trade and Industry’s most recent statistics, at least 1.5 million Filipinos work as freelancers, and the local startup ecosystem to generate USD 2 Billion in revenue by 2022.
EXOASIA Innovation Hub is a global transformation ecosystem that brings together professionals, organizations, and institutions to build a better future for all. Additionally, with the help of partnerships between businesses, organizations, and governments, its three verticals—certification, incubation, and ecosystems—seek to inspire, validate, and scale up solutions by addressing local issues. To do this, they draw on deep technology and global innovation ecosystems.
Gigacover and EXOASIA Innovation Hub partnership
Moreover, to raise awareness for these products, all of EXOASIA’s community webinars, meet-ups, hackathons, incubations, accelerations, and follow-on events for freelancers and entrepreneurs will include a segment on health and financial protection plans.
Further, Chesca Figueroa, Country Manager at Gigacover shared that “The program aims to further educate, make healthcare and insurance products more accessible, and affordable to those in the Informal sector. With this partnership, EXOASIA, allows its community of founders, entrepreneurs, and digital nomads to access such benefits without breaking the bank”.
Meanwhile, Amerson Lin, CEO, and co-founder at Gigacover said “The concept of insurance being digital and dedicated for freelancers and self-employed workers are still novel to many Filipinos. For the longest time, the insurance we know circles around life, non-life, and health maintenance organizations (HMOs) — and you need an agent to get one,”.
“We are thrilled to partner with EXOASIA which shares our value of ensuring freelancers should have protection with innovative digital insurance products tailored to this sector.” He added.
“COVID-19 uncovered how under-insured Filipinos are. Freelancers, start-ups, and MSMEs are challenged with exorbitant premium costs of insurance and there’s not enough education on how, where, and what to look for in insurance providers. These are the problems we hope to solve through this partnership, where we educate and make affordable health insurance accessible to everyone. “ shared Mack Comandante, Founder, and CEO at EXOASIA Innovation Hub.
Visit Gigacover’s official website and Facebook page to find out more about the insurance services and products it provides.
