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Millions of Filipinos are at risk of financial vulnerability, largely due to a lack of essential insurance coverage. To address this protection gap and empower underserved Filipinos, UnionDigital Bank (UD) and Chubb Philippines today announced a strategic partnership to offer Chubb’s insurance solutions directly on the UD app. These comprehensive solutions will be seamlessly integrated into UD’s suite of financial products, making protection more accessible for consumers.According to the most recent Financial Inclusion Survey (FIS) conducted by the Bangko Sentral ng Pilipinas (BSP), 48% of adult Filipinos are currently uninsured. This lack of protection leaves families ill-prepared for unexpected life events – for example, an average ₱50,000 in emergency savings is often an inadequate safety net for major illnesses, which can cost upwards of ₱690,000.
The two key insurance products in the initial rollout are:
- Loan Protect Insurance: This product is automatically included for eligible UD Loan borrowers at no additional cost to the borrower for the first three months once the loan is approved. In the event of accidental death, permanent disability, temporary disability, or death due to illness, Loan Protect Insurance pays up to the original loan amount to cover 100% of the customer’s outstanding loan balance, with any remaining balance released to beneficiaries. Loan Protect Insurance is currently available for loans up to ₱30,000 with short-term repayment periods, and is designed to provide borrowers with peace of mind that their loan obligation can be addressed, even in unforeseen events.
- Kaya Protect Insurance: This product, available soon, provides personal accident and accidental death coverage up to ₱150,000 and is activated automatically by maintaining a low minimum balance of ₱100 in the insured’s savings account. UD Kaya Protect Insurance aims to encourage healthy saving habits while providing immediate protection for first-time savers.
Danilo “Bong” Mojica II, PhD, UD President and CEO, said, “This partnership marks a pivotal step in our mission to bring insurance protection to millions of Filipinos. We are fueling the ‘Kaya Mo’ mindset by giving them access to a suite of financial tools, including insurance protection, to build financial resilience – allowing them to weather unforeseen setbacks without losing everything. By embedding insurance seamlessly into their daily banking, we provide a vital safety net, empowering them to protect their hard-earned progress and pursue their aspirations with confidence.”
Mari Rachelle Canta, Country President of Chubb Philippines, said, “Chubb is committed to supporting UD in strengthening financial resilience in the Philippines by providing consumers with insurance that is accessible and affordable. Our products are designed to help build financial security for un- and under-insured Filipinos, ensuring they have access to crucial protection when they need it most. By partnering with UD, we look forward to leveraging our combined strengths to deliver customer-focused digital insurance solutions to UD customers.”
This partnership between UD and Chubb Philippines reflects a growing shift toward embedded finance in the Philippines, removing traditional barriers to insurance while encouraging responsible borrowing and saving. It reinforces the commitment of both UnionDigital Bank and Chubb Philippines to help foster a more financially secure future for Filipinos.
Learn more about these protection solutions here: https://www.uniondigitalbank.io/en.
