Set Ka Na, the low-premium insurance product of pan-Asian insurer FWD Life Insurance Corp., is now available in more than 3,600 TrueMoney centers in the National Capital Region.
Launched in November 2018, Set Ka Na is a basic life insurance protection plan that provides annual coverage for death, disability, and accidental death.
“Our partnership with TrueMoney is part of FWD’s goal to reach new and emerging segments, further expanding financial inclusion in the Philippines and supporting our vision to change the way people feel about insurance,” said FWD Life Philippines president and chief executive Peter Grimes.
“With our low-cost Set Ka Na insurance being offered in more TrueMoney Centers in NCR, we look forward to promoting financial inclusion among Filipinos—banking the unbanked and covering the uncovered,” he said.
“We are delighted to see how our partnership with FWD has progressed since its launch in 2018. After the soft launch in November, we are happy to now offer Set Ka Na to the growing TrueMoney customer base in Metro Manila,” said TrueMoney Philippines chief executive Jacqueline Van Den Ende.
“At TrueMoney, we are committed to expanding the suite of affordable financial services available in our stores, most especially in hard-to-reach areas in the Philippines. FWD’s Set Ka Na insurance contributes in meeting this mission,” she said.
FWD Life Insurance and TrueMoney plan to broaden the product’s reach to eventually make Set Ka Na available in all TrueMoney Centers nationwide by end of 2019.
FWD Life Insurance is the first life insurance company licensed by the Insurance Commission of the Philippines under the new Insurance Code.
FWD launched its commercial operations in September 2014. By March 2017, FWD Life became the highest-capitalized life insurer in the Philippines with P 2.3 billion in paid-up capitalization. Based on premium income data published by the Insurance Commission, FWD Life now ranks 10th in the insurance industry in terms of weighted new business premiums.
In the Philippines, FWD has 14 business hubs located in key cities nationwide with its headquarters in Bonifacio Global City in Taguig.
TrueMoney Philippines, which operates under Ascend Monday, is the largest financial technology company in Southeast Asia and a digital finance joint venture of the C.P. Group and Ant Financial. The company has over 70,000 financial services locations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam, and the Philippines. TrueMoney aims to drive financial inclusion across the various countries by offering innovative and affordable financial services to the masses.
In the Philippines, TrueMoney enables convenient and affordable financial services through the nearest convenience store, pharmacy, sari-sari store, bakery, water station, and other small businesses. TrueMoney has nearly 20,000 partner stores nationwide.
