Insurtech start-up to give referral commission fees
INSURANCE technology (insurtech) start-up Kwikinsure Corp. announced it will give commission payment to people who would refer clients.
Kwikinsure Founder and CEO Hamilton Angluben said this would encourage anyone with a digital platform to become an affiliate, who may share Kwik.insure and be rewarded with referral fees for every successful transaction.
“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,” Angluben said. “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.”
“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,” he added.
Angluben noted that affiliates can earn as much as 10 percent of net premiums for each successful referral—depending on the type of insurance product purchased.
“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 said.
For his part, IC Commissioner Dennis B. Funa said the program is a step closer to boosting the confidence of Filipinos in insurance.
“We welcome the initiative of Kwikinsure to help increase the 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,” Funa said.