Home Credit and BPI/MS Insurance Corporation (BPI MS) join forces with a strategic partnership that will provide the former and its retail customers with more accessible insurance solutions tailor-fit to their needs.
Largely, the partnership is part of a tri-market agreement between Home Credit International and MSIG, one of Asia’s leading general insurance providers. In the country, MSIG is represented by BPI MS where it currently provides coverage for Home Credit PH customers’ protection needs. Aside from the Philippines, the partnership also involves Vietnam and Indonesia where similarly, the demand for retail insurance services is growing rapidly.
A joint venture of the Bank of the Philippine Islands (BPI) and Mitsui Sumitomo Insurance Company, BPI MS is one of the most reputable non-life insurers in the Philippines. On the other hand, Home Credit is the country’s leading buy now, pay later (BNPL) company and one of the fastest growing digital financial service providers in Philippines.
Over the past years, a major shift in consumer behavior towards insurance policy resulted in an increase of insurance penetration in the country, even closing 2019 at 3.04 percent. While this looks promising, it is not at par with the average rate in the Asia Pacific Region which is at 6.76 percent.
The collaboration between these two industry leaders aims to address the growing demand for insurance services in the Philippine market and therefore, keep up with the region’s average insurance penetration rate. At length, it also reinforces the commitment to close 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. We, at Home Credit Philippines, see the need to offer our customers a value-added service that will help them plan beyond just their daily expenses, and empower them to build a more financially resilient future despite uncertainties,” said Zdenek Jankovsky, Director and Treasurer of Home Credit PH.
Bringing with them a significant depth of knowledge of the market, BPI MS will tailor its insurance solutions focusing on the needs of Home Credit PH’s customer-base.
“We are happy to strengthen this partnership with a consumer finance giant like Home Credit. Our common goal to provide millions of Filipinos with affordable and beneficial financial solutions make us a perfect combination,” added Anthony Bernabe, Retail Sales and Marketing Group Head. “We will leverage on their strong nationwide presence and rapid mobile presence to reach more customers and add more value to their lives.”
The partnership will strengthen Home Credit PH’s value proposition to its more than 8 million customers. To know more about the available Home Credit products with insurance cover, clients may visit any of their 9,000 partner retail stores or download the Home Credit App where the product details will be made available.
Disclaimer: HC Consumer Finance Philippines, Inc. is a client of BPI/MS Insurance Corporation and is not an insurance agent of BPI MS. Neither is Home Credit selling insurance products on behalf of BPI MS. The insurance cover mentioned in the products/packages of Home Credit is a feature of the loan packages made available by the insurer.
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