Millions of Filipinos remain financially vulnerable due to limited access to insurance coverage. To help address this protection gap, UnionDigital Bank (UD) and Chubb Philippines have announced a strategic partnership that will make insurance products more accessible through the UnionDigital mobile app.

The collaboration aims to integrate insurance seamlessly into everyday banking, allowing customers to access protection solutions alongside their existing financial products and services.

Addressing the Protection Gap

According to the latest Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas (BSP), nearly 48% of adult Filipinos remain uninsured. This lack of financial protection can leave individuals and families exposed to significant financial hardship when unexpected events occur.

For many households, emergency savings are often insufficient to cover major medical expenses or other unforeseen costs. While some Filipinos maintain emergency funds of around ₱50,000, serious illnesses can cost several hundred thousand pesos, creating a substantial financial burden.

By embedding insurance into digital banking services, UnionDigital Bank and Chubb Philippines aim to make protection more accessible, particularly for underserved and underinsured communities.

Loan Protect Insurance

The first product introduced through the partnership is Loan Protect Insurance, which is automatically included for eligible UnionDigital loan borrowers at no additional cost during the first three months after loan approval.

The insurance provides protection in cases of:

  • Accidental death
  • Permanent disability
  • Temporary disability
  • Death due to illness

In the event of a covered incident, the insurance can pay up to the original loan amount to settle 100% of the customer’s outstanding loan balance. Any remaining benefit after the loan is paid will be released to the designated beneficiaries.

Loan Protect Insurance is currently available for qualified loans of up to ₱30,000 with short-term repayment periods, helping borrowers gain peace of mind that their financial obligations can be addressed even during unforeseen circumstances.

Kaya Protect Insurance Coming Soon

The partnership will also introduce Kaya Protect Insurance, which is expected to launch soon.

Designed to encourage savings while providing insurance coverage, the product offers:

  • Personal accident coverage
  • Accidental death benefits of up to ₱150,000

Customers can activate the coverage simply by maintaining a minimum savings account balance of ₱100.

Kaya Protect Insurance is intended to support first-time savers by combining financial discipline with accessible protection, helping them build both savings and financial security.

Building Financial Resilience

According to Danilo “Bong” Mojica II, PhD, President and CEO of UnionDigital Bank, the partnership aligns with the bank’s mission of empowering Filipinos through accessible financial tools.

“This partnership marks a pivotal step in our mission to bring insurance protection to millions of Filipinos. We are fueling the ‘Kaya Mo’ mindset by giving them access to a suite of financial tools, including insurance protection, to build financial resilience – allowing them to weather unforeseen setbacks without losing everything.”

He added that integrating insurance into everyday banking creates a safety net that helps customers safeguard their progress and pursue their goals with greater confidence.

Making Insurance More Accessible

Mari Rachelle Canta, Country President of Chubb Philippines, emphasized the company’s commitment to supporting financial inclusion through affordable and accessible insurance solutions.

“Chubb is committed to supporting UD in strengthening financial resilience in the Philippines by providing consumers with insurance that is accessible and affordable. Our products are designed to help build financial security for un- and under-insured Filipinos, ensuring they have access to crucial protection when they need it most.”

She noted that the partnership combines the strengths of both organizations to deliver customer-focused digital insurance solutions that are easy to access and understand.

Supporting the Future of Embedded Finance

The collaboration reflects the growing adoption of embedded finance in the Philippines, where financial services such as insurance are integrated directly into digital platforms and everyday transactions.

By reducing traditional barriers to insurance access and promoting responsible borrowing and saving habits, UnionDigital Bank and Chubb Philippines aim to help create a more financially resilient and secure future for Filipinos.

To learn more about these protection solutions, visit UnionDigital Bank.