UBX, the leading open finance platform in the Philippines, has joined forces with Mercantile Insurance, a well-established and trusted insurance company in the country, to build innovative and tech-driven products and services that will provide flexibility and convenience to current and future insurance policy holders.
Under the partnership, UBX is providing Mercantile payments and collections solutions that support its digital transformation journey across its value chain.
Through UBX’s 60,000 payment channels, Mercantile customers can now pay their premium via over the counter, online banking, e-wallets, and debit/credit cards.
“Our strategic alliance with Mercantile is but the first step in bringing insurance closer to Filipinos. Offering our range of services to the insurance industry provides a win-win solution for insurance companies and the insured alike, promoting frictionless and convenient transactions,” UBX President John Januszczak said.
Januszczak added that insurance is one of the best ways to stay financially protected for emergencies and unexpected situations.
By combining the power of insurance with the groundbreaking benefits of digital solutions, UBX and Mercantile are providing current and future policy holders a more seamless customer experience.
While the insurance industry has long been established in the Philippines, latest data from the Insurance Commission (IC) showed that the Philippines only has an insurance penetration of roughly 2 percent.
The onset of the pandemic gave rise to a demand for reliable insurance plans. In 2020, Mercantile’s insured amounts or net premiums ballooned to P2 billion from P400 million in 2014, a testament to exceeding industry growth standards and the breadth of trust that clients put in the company.
“If there is anything that the COVID-19 pandemic has taught us, there is no such thing as being too prepared. Now more than ever, as part of our commitment to financial inclusion, UBX endeavors to contribute to the insurance industry and help these companies in navigating the digital age of finance,” Januszczak explained.