UBX, the leading open finance platform in the Philippines, and Etiqa Philippines, a regional brand offering life, health and non-life insurance under one brand, have entered into a strategic partnership to introduce “Insure now, Pay later” scheme in the Philippines.
Under the partnership, Etiqa will leverage UBX’s verticals BUx, an end-to-end payment solutions platform, and Splix, a transact-now-pay-later platform, to offer Etiqa policyholders flexible and convenient ways to settle their premiums.
With the partnership, policyholders can now pay their premiums on an installment basis — with or without credit cards. Leveraging the 60,000 payment channels of BUx, Etiqa enables its customers to pay their premiums via online banking, e-wallets, or over-the-counter.
“One of the many realities that were spotlighted by the pandemic was that insurance should be brought closer to the average Filipino. Our collaboration with Etiqa allows us to do this by providing Filipinos with flexible options for their life and non-life insurance needs. Since day one, our goal has always been to include everyone and to introduce an ‘insure now, pay later’ solution that allows us to be a step closer towards that vision,” UBX President John Januszczak said.
Rico Bautista, Etiqa Philippines president and CEO shared that this partnership showcases Etiqa’s commitment to be a leading advocate of insuretech in the Philippines. “We are grateful for the opportunity to partner with UBX in empowering more Filipinos to achieve financial security through digital solutions and technology. This partnership is very much aligned with our mission to make the Philippines a better place.”