Historically, the Philippines has been a cash-based economy. People did not have bank accounts because the majority work in the informal sector, lack identification, and don’t have a social security code.
We recently partnered with a virtual wallet provider who offer a digital bank account app linked to a mobile network, to create in-app insurance solutions in order to differentiate them from their competition.
Problem
As mobile wallets grew in popularity in the Philippines, our client gained dozens of competitors. Therefore, they needed a way to differentiate themselves.
Solution
By offering additional financial services to existing customers, the company could stay competitive and increase revenue. As a result, MIC Global designed the first-ever version of digital insurance in the Philippines. This unique bundled product included funeral insurance, accident insurance, and hospicash.
Implementation
We designed an SMS based digital channel for direct enrollment and established an outbound call center in the Philippines to assist customers with enrollment, claim support, receiving payouts, etc.
Results
For the virtual wallet provider customer signup increased, voluntary renewals increased, and customer lifetime value through insurance cross sells increased.
Embedded Coverage for Today’s Digital World
