BPI BanKo recently signed an agreement with Bankers Assurance Corporation (BAC) to offer microinsurance products to accountholders of the country’s first mobile-based, microfinance focused bank.
The partnership allows BanKo to provide its customers with innovative and affordable insurance products specifically designed for their needs by BAC. With flexible options, policyholders and their beneficiaries can choose the insurance plan that protects against financial shocks caused by accidental death, accidental medical expenses, fire damage and hospitalization.
“BanKo’s thrust for financial inclusion is not just limited to microsavings. We cater to the low-income market, who are the most vulnerable to risk yet have the least access or capacity to avail of protection. So we have come up with insurance products that give our customers the flexibility to choose a plan that fits their budget,” says John Rubio, president of BPI BanKo. “We are working with Bankers Assurance Corporation, a subsidiary of the Malayan Group of Companies, because of their excellent track record in microinsurance, making them a dependable partner.”
Antonio Rubin, president of BAC, agrees. “This partnership will enable Bankers Assurance to tailor fit and bring its microinsurance products closer to a market segment that remains unserved.”
The primary beneficiaries of the new microinsurance products will be LGUs, NGOs and humanitarian aid agencies who partner with BanKo. The insurance policy will be bundled with the BanKo savings account, providing the accountholder with automatic insurance coverage for one year.
BPI BanKo (BanKo) forges a partnership with Bankers Assurance Corporation (BAC) to offer affordable insurance products to the unbanked. Present at the MOA signing were BanKo’s Chief Marketing Officer Rita Duenas and President John Rubio and BAC Chairman Antonio Rubin and President Raul Tan.