Sun Life topped life insurers in terms of premium and net income while Malayan Insurance led non-life insurance companies in terms of gross premiums written during the pandemic year.
The underserved sachet consumers do not have many opportunities in the market when it comes to the choice of products or services. However, DiskarTech’s new innovative offering empowers small retail shop owners are the latest beneficiaries of the first-ever digital sari-sari store and microinsurance in the country.
Having financial inclusion in mind, the Rizal Commercial Banking Corporation’s (RCBC) super app has launched a microinsurance product priced at only P35 for sari-sari store owners.
With the local economy reeling from the effects of the continuing pandemic, many small retail store owners are struggling to keep their businesses afloat. Preparing for emergency situations can be difficult for entrepreneurs barely surviving the health and economic crisis.
Still, it pays to be ready with the help of reliable financial institutions.
DiskarTech’s Sarisari Store Insurance provides up to P25,000 in fire cash assistance, accidental death, total permanent disability from an accidental cause, and dismemberment or disablement assistance due to an accidental cause.
“With so many uncertainties in an economy during a pandemic, we are offering our users some peace of mind while doing their business. Through the Sarisari Store Insurance, users can be assured that emergency situations will be taken care of, all via an easy-to-use mobile app,” said Eugene Acevedo, president and chief executive officer of RCBC.
DiskarTech users only need to click the Loans button on the app’s home screen and select the Sarisari Store insurance to purchase the product. Important reminders and the terms and conditions are readily available in the app as well.
Only one policy is entitled to any member at any given time.
“Many people believe that insurance is expensive and that only wealthy individuals can afford it. We are here to disprove that and say, ‘Hey, even small business owners deserve to be assured of help when an emergency arises,’” said Lito Villanueva, RCBC executive vice president, and chief innovation and inclusion officer.
“With the Sarisari Store Insurance, we’re bringing microinsurance closer to the many small business owners who are actually key players in this pandemic. Supermarket chains are operating under limited capacity and quarantine protocols limit the movement of people. Hence, neighborhood retail shops are the go-to stores of Filipinos to avail of fast-moving goods while in lockdown,” added Villanueva.
Department of Trade and Industry Secretary Ramon Lopez echoes the vital role played by sari-sari stores. “They form the backbone of our economy. DiskarTech’s sari-sari store insurance is quite a relief for small enterprise owners who always have this fear of losing their business to unexpected accidents. Now, they can rest easy knowing, DiskarTech has got their backs,” he said.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’ best digital bank by the Asiamoney and the Alpha Southeast Asia, among other global and regional recognitions. It is also the first local universal bank to have the most extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.