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- Peppermint Innovation (PIL) has launched a new platform to deliver life and accident insurance products to the Filipino market
- bizmoProtect, launched on the new bizmoto mobile android app 2.0, provides micro-insurance via its bizmoto agent network and platform
- The three micro-insurance products are being offered in conjunction with Filipino-based insurance agency Cebuana Lhuillier Insurance Solutions
- Peppermint will earn a 5 per cent service fee on all insurance premiums up to 50,000 Philippine pesos (roughly A$1333) and a 10 per cent service fee for all premiums above this price
- Each policy also covers emergency-related cases due to the COVID-19 pandemic
- Peppermint Innovation shares are down 14.8 per cent, trading at 2.3 cents
Peppermint Innovation (PIL) has launched a new platform to deliver life and accident insurance products to the Filipino market.
The new service, called bizmoProtect, provides micro-insurance via its bizmoto agent network and platform. Working on three levels of insurance cover, the app can be downloaded for Android phones, with iOS soon to follow.
Through bizmoProtect, customers register their details, select an insurance product, complete forms and pay for the policy via the agent network. These insurance policies can be purchased on a monthly or annual basis.
The product options range from “Basic”, involving cover for accidental death and dismemberment, to “Prime”, which provides cover for murder, fire, accidental death, burial benefits and death benefits due to sickness.
“Offering accessible and affordable insurance products is an extremely important part of Peppermint’s overall vision to deliver financial inclusion and social good to the Filipino people. Often, Filipino families only have one wage earner, and they live hand to mouth. If that person’s ability to earn a wage is compromised, either through injury or sickness, then the whole family suffers,” said Peppermint Managing Director and CEO Chris Kain.
The three micro-insurance products are being offered in conjunction with Filipino-based insurance agency, Cebuana Lhuillier Insurance Solutions.
This comes after a recently executed distribution channel agreement between the two companies. The agreement spells out that Cebuana will be responsible for the supply of insurance products and services to Peppermint, as well as provide marketing and sales materials to promote it. Peppermint will take control of promoting the app, collecting premiums and participating in financial literacy campaigns.
“BizmoProtect represents the first product to be launched within our targeted financial services business sector and means that our bizmoto ecosystem is now live across all of the four key targeted business sectors of mobile payments, eCommerce, delivery and logistics and financial services,” said Chris Kain.
Peppermint will earn a 5 per cent service fee on all insurance premiums up to 50,000 Philippine pesos (roughly A$1333), and a 10 per cent service fee for all premiums upwards of this price, plus a 60 per cent share on product mark-up to serve as a network access fee on the “Basic” “Plus” and “Prime” app products.
Each policy also covers emergency related cases due to the COVID-19 pandemic.
Peppermint Innovation shares are down 14.8 per cent, trading at 2.3 cents at 9:21 am AEDT.
