Gigacover, a regional insurtech firm, is transforming the insurance landscape for micro, small, and medium enterprises (MSMEs) in the Philippines. Despite the significant role MSMEs play in the economy, they often lack adequate insurance coverage, leaving them vulnerable during emergencies. However, Gigacover is leveraging technology to provide tailored-fit digital policies that are affordable and easy to use.
With the rise of digital insurance, MSMEs can now access more accessible and cost-effective coverage. These solutions are adaptable to the needs of MSME workers, offering reduced premiums and seamless online distribution. Insurtech companies like Gigacover also have an advantage in developing insurance products that traditional insurers may overlook due to data limitations, bureaucratic structures, and regulatory constraints. For example, Gigacover’s Collision Damage Waiver (CDW) product suite addresses the increased motor accident risks faced by ride-sharing and car-sharing businesses, improving financial security for drivers.
“Usually, HMO or medical products and income protection products are purchased separately. When you buy an HMO, it’s just HMO — your hospital needs, check-up, APE (annual physical exam) — but it is not usually bundled with income protection. For the gig economy, I do deeply feel that income protection insurance is very important because you never know,” according to Philip Camil Gomez, the newly appointed Philippine Country Manager of Gigacover when I interviewed him recently.
Gigacover’s platform provides a unified and user-friendly interface for managing insurance. MSMEs can easily review their policies, ensuring they remain valid and relevant as their businesses grow. The platform eliminates the need for assistance from insurance agents, enabling companies to administer their insurance independently. By integrating insurers, lenders, and health maintenance organizations (HMOs), Gigacover streamlines access and administration of insurance products.
The insurtech platform utilizes artificial intelligence (AI) and big data to simplify claims settlement. The integration of AI and machine learning allows for efficient analysis of large datasets, enabling insurers to identify risks accurately and expedite the claims process. Gigacover’s system can extract data from claims documents and images, perform calculations, detect potential fraud, and make informed decisions on advance claims payouts for specific customer groups. This approach enhances client satisfaction and reduces loss ratios for insurers.
Gigacover is revolutionizing MSME insurance, making it more accessible, affordable, and efficient. MSMEs can now safeguard their businesses and protect their employees with tailored coverage that meets their unique needs.