Insurance tech startup Kwik.insure launches affiliate program for Filipinos

Homegrown insurance technology startup Kwik.insure has introduced an affiliate program that would fill the gap in the local insurance sector while allowing Filipinos to have a new revenue stream.

Kwik.insure

Tech startup tapping ordinary Filipinos to increase insurance penetration

In a statement, the online insurance marketplace operator said the program encourages ordinary Filipinos to be affiliates, who are invited to promote Kwik.insure and be rewarded with referral fees for every successful transaction on its website.

We hope to strengthen the insurance industry by tapping ordinary Filipinos—anyone who has access to a digital platform—to break the stigma and misconception about insurance, Kwik.insure Founder and CEO Hamilton Angluben said.

Citing data from the Insurance Commission, the firm said insurance penetration of the country is only at 1.68 percent, while the global average is at 6.09 percent.

Angluben acknowledged that the Philippines has "a long way to go" but he is hopeful the affiliate program could boost insurance awareness in the Philippines.

Through the program, we hope to encourage Filipinos to be our advocates, as learning is more effective when it comes from someone we trust or look up to, Angluben added.

According to Angluben, this is a "win-win-win" scenario for the client, affiliate, and the company.

Affiliates can earn extra income by simply referring people to buy insurance on the online marketplace. Referral fees start at 3 percent and can go up to 10 percent of net premiums, depending on the product.

To know more about it, read here.