UBX Philippines Corp., the fintech arm of the Aboitiz Group, revealed last Sunday it has entered into a “strategic partnership” with Gokongwei-led Maxicare Life Insurance Corp. (MaxiLife) to develop digital solutions for the latter’s customers. The firm, however, didn’t disclose the value of the agreement.
With the deal, MaxiLife will be able to leverage our payment solutions platform and transact-now-pay-later (TNPL) platform, according to UBX.
With over 60,000 payment channels, MaxiLife customers now have various options to pay for their policies. The TNPL will allow MaxiLife policyholders to pay their premiums on an installment basis.
“Health is one of the primary concerns of every Filipino, which means that making insurance more accessible is part and parcel of our mission of promoting true inclusion. With UBX, MaxiLife can leverage digital technologies to improve customer experience, encouraging more Pinoys to avail of insurance,” UBX President John Januszczak said.
“By having MaxiLife in our roster of partner insurance companies, we are setting an example for more insurance companies to go down a similar path. Insurance has always been considered inaccessible in the Philippines but with each strategic partnership with UBX, the insurance industry is closer to turning the tables for the better,” Januszczak said.
In addition to enhancing MaxiLife’s premium payment process and streamlining the customer journey, UBX plans to leverage its expertise in e-commerce and mobile platforms to further enhance the insurance company’s digital offerings shortly, the executive added.
“We are committed to delivering innovative and convenient solutions that will set new standards in the industry. We do this by going beyond digitalizing financial transactions for insurance companies and their customers. Providing access has always been the ultimate goal in order to improve the quality of life of Filipinos across the archipelago,” Januszczak said.