Senangdali, a Philippine subsidiary of the Malaysian InsurTech firm Senang.io, is working with GoodTech, a FinTech company linking farmers and homebuyers, merchants and gig workers, with rural financial institutions, to offer loan protection to rural banks.
The two parties have launched a new loan protection insurance product, GoodProtect, underwritten by local insurance providers.
This strategic initiative aims to provide financial security for over 57m Filipinos, representing 52% of the national population. The Philippines is home to more than 350 rural banks, serving as crucial financial pillars in their local communities.
The initiative is facilitated by the Malaysia Digital Economy Corporation (MDEC) which helps Malaysian tech companies to venture overseas.
Following the rollout of the loan protection insurance, the partnership plans to introduce a motor aggregator platform and personal accident insurance, further diversifying the range of services available to rural banks.
Source: asiainsurancereview.com
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