UBX, Mercantile Join Forces for Digital Transformation in Insurance Industry
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.
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