For whatever reason, when people hear the word “insurance,” they are immediately taken aback. It’s as if getting an insurance policy is an expense they don’t need. They’d rather have their money spent on other, more tangible, things like food or pay for their kids’ school tuition, among others.
Based on data sourced from the Insurance Commission (IC), the Philippines is far behind the global benchmarks for insurance penetration and density. Insurance penetration (total premiums sold/GDP) of the country is at 1.69 percent, which pales in comparison to the global average of 6.09 percent. Insurance density (insurance premiums per capita) in the Philippines, on the other hand, is at an average of $55 versus the global average of $682.
This is why Kwik.insure, the Philippines’ largest online insurance marketplace, launched an affiliate program that will provide a boost to the insurance industry while empowering Filipinos to earn more despite the pandemic.
The program encourages ordinary Filipinos to be affiliates. They just promote Kwik.insure and be rewarded with referral fees for every successful transaction on its website. Part of the objectives of the program is to help the insurance industry grow by increasing insurance awareness in the country.
“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. 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,” Kwik.insure Founder and CEO Hamilton Angluben told FrontpagePH.com.
“We really have a long way to go, but we believe that through the affiliate program, we will be able to encourage more Filipinos to get insured, especially during these trying times,” Angluben added.
The program will also empower ordinary Filipinos to have an additional revenue stream, where they 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.
“We are creating a win-win-win scenario where the client, affiliate, and our company all benefit from the program. The client gets insured by the top providers in the country, the affiliate earns from the referral fees, and our company gets to market more insurance products. Not only does it get more people insured, but it also provides an extra source of income for Filipinos,” Angluben explained.
The Insurance Commission (IC) lauded Kwik.insure in launching the affiliate program, saying that this can help bolster the confidence of Filipinos to get insurance.
“We welcome the initiative of Kwik.insure to help increase insurance awareness in the country and get more Filipinos insured. Having more people promoting the importance of insurance is a progressive strategy to uplift the industry as a whole. We wish them success on the launch of their affiliate program,” IC Commissioner Atty. Dennis Funa said.
Anyone can become a Kwik.insure affiliate in as fast as 5 minutes by visiting Kwik.insure. Applicants need only to fill out a personal information form and input their payment details for the referral fees, which will be credited each month.
Kwik.insure currently has 17 insurance and HMO providers, offering over 100 products and variants of life, health, accident, and auto insurance.
Visit https://kwik.insure/affiliate-program.