Insurance technology startup Kwik.insure has announced the launch of KwikCare Health Subscriptions, a new healthcare plan that aims to provide coverage to underserved micro, small, and medium enterprises (MSMEs) and freelancers in the Philippines.
According to Kwik.insure, only 2% of the over 1 million companies in the Philippines are providing healthcare coverage for their employees and dependents, with most being large enterprises. This leaves a significant number of Filipinos without access to healthcare coverage, particularly those working in MSMEs and the freelancing sector.
The new healthcare plan starts at P995 per month, with a maximum benefit limit per illness of P50,000 up to P150,000.
"So many MSMEs and Filipinos are trying to get health coverage. But they are challenged with the affordability of plans, rigidity of requirements, and the cash burden of upfront fees," said Hamilton Angluben, CEO of Kwik.insure.
Angluben said that Kwik.insure plans to introduce more inclusive variants of the healthcare plan in the coming months. The startup aims to close the healthcare gap for underserved sectors by leveraging digitalization, progressive underwriting, and collaboration.
"The challenges faced by these groups are similar and can be addressed through digitalization, progressive underwriting, and collaboration. We are excited to launch the Philippine-first health subscription plans and will introduce more inclusive variants in the coming months," Angluben said.
