Tech seen to address 'major gaps' in health insurance market: stakeholder

ABS-CBN News

Posted at Aug 18 2021 11:01 AM

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MANILA— Technology and digitalization can further boost the current low insurance coverage in the Philippines, a stakeholder said Wednesday.

An affordable package available through an e-commerce channel resulted in "phenomenal growth" for Insular Health Care even during the pandemic, its President and CEO Noemi Azura told ANC.

Insular Health offers a P1,750 insurance product available through Mariahealth.ph, which has P100,000 worth of medical coverage for emergency cases due to accidents and viral or bacterial infection including COVID-19, she said.

"We've seen phenomenal growth in the e-commerce channel due to this product... There are opportunities, as we have proven, so we believe that technology can really promote and impact insurance," Azura said.

Azura said this would also help insurance penetration in the country, which is less than 2 percent of the country's gross domestic product (GDP).

Locals walk past the emergency room of Medical Center Manila on April 17, 2020. Gigie Cruz, ABS-CBN News/File
Locals walk past the emergency room of Medical Center Manila on April 17, 2020. Gigie Cruz, ABS-CBN News/File