Tuesday, February 7, 2023

UBX, Etiqa partner to introduce “insure now, pay later” scheme

“One of the many realities that was spotlighted by the pandemic was that insurance should be brought closer to the average Filipino. Our collaboration with Etiqa allows us to do this by providing Filipinos with flexible options for their life and non-life insurance needs. Since day one, our goal has always been to include everyone and to introduce an ‘insure now, pay later’ solution that allows us to be a step closer towards that vision. With the wide reach of Etiqa now coupled with the digital solutions of UBX, we are breaking ground in the insurance industry by paving the way for more insurance companies to follow suit. Ultimately, we hope to break the trend of inaccessibility of insurance in the Philippines. Our mission of financial inclusivity does not stop at digitalizing financial transactions for banks and merchants. We want to improve the quality of life of Filipinos as well, which is why we want to break ground in the insurance industry by providing digital solutions that bring insurance closer to the average Filipino.” ~John Januszczak, UBX President

In order to introduce the “Insure now, Pay later” scheme in the Philippines, UBX, the leading open finance platform in the Philippines, and Etiqa Philippines, a regional brand that offers life, health, and non-life insurance under a single brand, have entered into a strategic partnership.
UBX's verticals BUx, an end-to-end payment solutions platform, and Splix, a transact-now-pay-later platform, will be utilized by Etiqa as part of the partnership to provide Etiqa policyholders with flexible and convenient methods for paying their premiums.
Policyholders now have the option to pay their premiums in installments, either with or without credit cards, thanks to the partnership. Etiqa lets its customers pay their premiums using online banking, e-wallets, or over-the-counter methods by utilizing the 60,000 BUx payment channels.

Rico T. Bautista, President and CEO of Etiqa Philippines, stated that this partnership demonstrates Etiqa's determination to be a leading promoter of insurance technology in the Philippines.

“We are grateful for the opportunity to partner with UBX in empowering more Filipinos to achieve financial security through digital solutions and technology. This partnership is very much aligned with our mission to make the Philippines a better place.” ~Rico T. Bautista, Etiqa Philippines President and CEO

UBX's, BUx platform, which unifies card payments, bank transfers, over-the-counter payments, and e-wallets into a single solution, is the leading all-in-one payment solutions platform in the Philippines. Through its best-in-class dashboard, users of BUx can also track paid and pending payments, download payment summaries, and get real-time notifications of funds credited.
Splix, on the other hand, is UBX's platform for transacting now and paying later. Splix gives its clients the ability to provide customers with a variety of payment options.
Etiqa is one of the best insurance companies in the Philippines. It offers a wide range of life and non-life insurance products that meet the needs of all Filipinos for protection, savings, and investments.
Even though the primary focus of this partnership is on collecting money, it also gives Etiqa customers the ability to defer insurance payments and break them up into smaller amounts.
The insure now, pay later plan addresses the widespread issue of inaccessibility and the misconception that insurance is an unnecessary expense by offering a less intimidating payment plan.

For more information about the companies and this article, please visit www.ubx.ph and etiqa.com.ph.

About UBX
Originally the financial technology venture studio and fund of UnionBank of the Philippines, UBX is now the Philippines' leading Open Finance platform. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people. For partnerships, email us at hello@ubx.ph.
About Etiqa Philippines
Etiqa Philippines is a regional brand that offers a wide range of Life, Health and Non-Life insurance products under its composite license. For over 60 years, it has been one of the leading providers of Group Health Insurance to major conglomerates and corporations across industries, with over 1,600 accredited hospitals and clinics, and 30,000 doctors nationwide. Etiqa’s headquarters is based in Kuala Lumpur.

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