MANILA – Home Credit has announced its partnership with BPI/MS Insurance Corporation (BPI MS) to provide Home Credit and its retail customers with more accessible insurance solutions.
The collaboration aims to meet the growing demand for insurance services in the Philippine market and keep pace with the average insurance penetration rate in the region, Home Credit said.
“Over the past few years, a major shift in consumer behavior towards insurance policies has led to an increase in insurance penetration in the country, even closing 2019 at 3.04%. Although this looks promising , this is not at the same level as the average rate in the Asia-Pacific region which is 6.76%,” the company said.
Home Credit said the partnership also aims to bridge the significant protection gap in the country by providing the underserved market with appropriate and affordable protection solutions.
“Financial inclusion has always been at the heart of our business approach. At Home Credit Philippines, we see the need to offer our clients a value-added service that will help them plan beyond their day-to-day expenses and enable them to build a more financially resilient future despite the uncertainties,” Zdenek said. Jankovsky, Director and Treasurer of Home Credit PH.
BPI MS meanwhile said it would adapt its insurance solutions by focusing on the needs of Home Credit PH’s customers.
“We will leverage their strong nationwide presence and rapid mobile presence to reach more customers and add more value to their lives,”
added Anthony Bernabe, Group Head of Retail Sales and Marketing.
The partnership is also seen as strengthening Home Credit PH’s value proposition to its more than 8 million customers.
Home Credit advises interested parties to visit one of its 9,000 partner retail stores or download the Home Credit app.