GCash plans Shari'ah-compliant, crop insurance through GInsure

GCash is planning to launch Shari'ah-compliant and crop insurance products through its in-app marketplace GInsure.

Senior Manager Jay Young of GCash's Partnerships and Business Development Head for GInsure revealed that talks are underway with an insurance company for a takaful product, set to be launched by the third quarter.

Crop insurance could be released late in the fourth quarter, with both products already approved by the Insurance Commission (IC).

GCash aims to offer these products through its existing partners Pru Life UK and Etiqa Life & General Assurance Philippines, which have takaful window operator licenses.

The company also plans to reposition some of its current insurance offerings to cater to specific demographics such as women and individuals living below the poverty line.

To date, GInsure has insured 20 million people with 55 million policies, while 60 million out of 90 million GCash users are eligible to purchase insurance.