GCash Reports 140% Increase in its Insured User Base, Sells 28.3 Million Policies

Insurance penetration in the Philippines has historically fallen behind that of other Southeast Asian countries. According to data from the Insurance Commission (IC), the country's insurance penetration rate is 1.68% of GDP, compared to 3.3% in Thailand and 4.5% in Malaysia. Japan has a 10% insurance penetration rate, while the global average is 7.2%.

​GCash, the country's leading finance app, has addressed this difficulty by rapidly growing its insured user base to 7.8 million, a 140% YoY increase. GInsure is GCash's in-app insurance marketplace. The fintech leader reported selling 28.3 million insurance plans for the year, reflecting a 156% YoY increase as of the second quarter of 2024.
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With its consistent expansion, GCash has helped an increasing number of Filipinos attain a better and more secure financial future by providing accessible and simple insurance solutions right at their fingertips.
 
“We are pleased to see the significant growth in our GInsure platform. This reflects our ongoing commitment to financial inclusion and our mission to provide ‘Finance for All.’ Through GInsure, users can now manage unexpected expenses and help them be ready for a ‘rainy day’,” said GCash vice president and group head of new businesses Winsley Bangit.
 
As it celebrates 20 years of facilitating financial inclusion for millions of Filipinos, GInsure's achievement is part of GCash's larger objective to provide comprehensive financial services that go beyond payments. From savings and investments to insurance and credit, GCash has grown into a cutting-edge digital financial platform tailored to its users different needs. The integration of these services into a single app enables GCash to provide a more seamless user experience as well as a simpler application process by reducing the documents required to qualify for an insurance product, thereby encouraging the adoption of financial tools among Filipinos, particularly the unbanked.
 
By incorporating insurance products directly into the GCash app, users can now easily access a variety of insurance alternatives tailored to their unique needs, such as life, health, and travel insurance. This ease of access has been critical in increasing the uptake of insurance products among previously uninsured or underinsured sectors of the population.

As the Philippines' top fintech platform, GCash is devoted to fostering financial inclusion and equipping Filipinos with the tools they need to better their financial health and independence. The platform's ongoing user growth and increased adoption of its insurance products highlight its importance in defining the country's financial services future.
 
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.  Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
 
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
 
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.