#GCash Reports 140% Growth in Insured Users, Sells 28.3M Policies
The Philippines has long struggled with low insurance penetration, with only 1.68% of GDP compared to 3.3% in Thailand, 4.5% in Malaysia, and 10% in Japan. The global average stands at 7.2%.
GCash, the leading finance app in the Philippines, has risen to address this gap, recording a 140% year-on-year (YoY) increase in insured users, now totaling 7.8 million. Through its GInsure platform, the fintech leader sold 28.3 million insurance policies in the second quarter of 2024, reflecting a 156% YoY growth.
Driving Financial Inclusion Through GInsure
GCash’s in-app GInsure platform simplifies access to life, health, and travel insurance, empowering Filipinos with financial security and resilience.
- Accessible Insurance Options: Users can select policies tailored to their needs directly from the GCash app.
- Simplified Processes: Reduced document requirements encourage adoption, especially among the unbanked population.
“We are pleased to see the significant growth in our GInsure platform. This reflects our ongoing commitment to financial inclusion and our mission to provide ‘Finance for All,’” said Winsley Bangit, GCash VP and Group Head of New Businesses.
Learn more about GCash’s mission for financial inclusion.
A Holistic Approach to Financial Services
As GCash celebrates 20 years of enabling financial inclusion, the platform has evolved beyond payments into a comprehensive digital financial ecosystem:
- Savings and Investments: Secure financial growth for users.
- Insurance and Credit: Protect users and provide financial flexibility.
- Seamless Integration: All services are accessible within one app, enhancing user experience.
The integration of insurance products into the GCash app makes financial tools easier to access for previously uninsured or underinsured Filipinos.
Explore GCash’s insurance options for better financial security.
Empowering Filipinos for a Secure Future
GCash’s user-friendly insurance marketplace encourages financial literacy and adoption among diverse demographics:
- Life Insurance: Offers peace of mind for the future.
- Health Insurance: Covers unexpected medical expenses.
- Travel Insurance: Protects users during trips, ensuring worry-free travel experiences.
This seamless access to insurance helps Filipinos, especially the unbanked sector, prepare for life’s uncertainties and build a stronger financial foundation.
See how GCash bridges the gap in financial inclusion.
Championing Financial Inclusion
As the leading fintech platform in the Philippines, GCash continues to drive financial inclusion, equipping users with the tools they need to improve their financial health and independence. The platform’s ongoing growth demonstrates its role in shaping the future of financial services in the country.
To explore insurance options and other financial tools, download the GCash app or visit GCash’s official website.
FAQs
What is GInsure?
GInsure is GCash’s in-app insurance marketplace, offering life, health, and travel insurance options to users.How has GInsure grown in the past year?
GInsure recorded a 140% YoY growth in insured users, totaling 7.8 million, and sold 28.3 million insurance policies, reflecting a 156% growth.Why is GInsure important for financial inclusion?
GInsure simplifies access to insurance, reduces document requirements, and encourages adoption among the unbanked sector, increasing insurance penetration.What other services does GCash offer?
Beyond insurance, GCash provides savings, investments, credit, and payment solutions within a single app.Where can I learn more about GCash and GInsure?
Visit GCash’s website or download the app to explore its features.