Home Credit and BPI/MS Insurance Corporation (BPI MS) are joining forces in a strategic partnership that will provide the first and its individual customers with insurance solutions that are more accessible and adapted to their needs.
In large part, the partnership is part of a tri-market agreement between Home Credit International and MSIG, one of Asia’s leading general insurance providers. In the country, MSIG is represented by BPI MS where it currently provides cover for the protection needs of Home Credit PH clients. Apart from the Philippines, the partnership also involves Vietnam and Indonesia where similarly the demand for retail insurance services is growing rapidly.
A joint venture of the Bank of the Philippine Islands (BPI) and Mitsui Sumitomo Insurance Company, BPI MS is one of the most reputable non-life insurers in the Philippines. On the other hand, Home Credit is the country’s leading buy-it-now, pay-later (BNPL) company and one of the fastest growing digital financial service providers in the Philippines.
In recent years, a major shift in consumer behavior towards insurance policies has led to an increase in insurance penetration in the country, even closing 2019 at 3.04%. Although this looks promising, it is not at the same level as the average rate in the Asia-Pacific region which is 6.76%.
The collaboration between these two industry leaders aims to meet the growing demand for insurance services in the Philippine market and thereby keep up with the average insurance penetration rate in the region. Finally, it also reinforces the commitment to close the significant protection gap in the country by providing the underserved market with appropriate and affordable protection solutions.
“Financial inclusion has always been at the heart of our business approach. At Home Credit Philippines, we see the need to offer our clients a value-added service that will help them plan beyond their day-to-day expenses and enable them to build a more financially resilient future despite the uncertainties,” Zdenek said. Jankovsky, Director and Treasurer of Home Credit PH.
Bringing with them an in-depth knowledge of the market, BPI MS will adapt its insurance solutions by focusing on the needs of Home Credit PH’s clientele.
“We are pleased to strengthen this partnership with a consumer credit giant like Home Credit. Our shared goal of providing millions of Filipinos with affordable and beneficial financial solutions makes us a perfect match,” added Anthony Bernabe, Group Head of Retail Sales and Marketing. “We will leverage their strong national presence and rapid mobile presence to reach more customers and add more value to their lives.”
The partnership will strengthen Home Credit PH’s value proposition to its more than 8 million customers. To find out more about Home Credit products with insurance coverage available, customers can visit any of their 9,000 partner retail stores or download the Home Credit app where product details will be made available.
Disclaimer: HC Consumer Finance Philippines, Inc. is a customer of BPI/MS Insurance Corporation and is not an insurance agent of BPI MS. Home Credit also does not sell insurance products on behalf of BPI MS. The insurance cover mentioned in the products/packages of Crédit Logement is a feature of the loan packages made available by the insurer.
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