MANILA - Home Credit said it has partnered with BPI/MS Insurance Corporation (BPI MS) to provide Home Credit and its retail customers with more accessible insurance solutions.

The collaboration aims to address the growing demand for insurance services in the Philippine market, and keep up with the region’s average insurance penetration rate, Home Credit said.

“Over the past years, a major shift in consumer behavior towards insurance policy resulted in an increase of insurance penetration in the country, even closing 2019 at 3.04 percent. While this looks promising, it is not at par with the average rate in the Asia Pacific Region which is at 6.76 percent,” the company said.

Home Credit said the partnership also aims to close the significant protection gap in the country by providing the underserved market with appropriate and affordable protection solutions.

“Financial inclusion has always been at the heart of our business approach. We, at Home Credit Philippines, see the need to offer our customers a value-added service that will help them plan beyond just their daily expenses, and empower them to build a more financially resilient future despite uncertainties,” said Zdenek Jankovsky, Director and Treasurer of Home Credit PH.

BPI MS meanwhile said it will tailor its insurance solutions focusing on the needs of Home Credit PH’s customer base.

“We will leverage on their strong nationwide presence and rapid mobile presence to reach more customers and add more value to their lives,”
added Anthony Bernabe, Retail Sales and Marketing Group Head.

The partnership is also seen to strengthen Home Credit PH’s value proposition to its more than 8 million customers.

Home Credit advises interested parties to visit any of its 9,000 partner retail stores or download the Home Credit App.

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