Millions of Filipinos are at risk of financial vulnerability, largely due to a lack of essential insurance coverage. To address this protection gap and empower underserved Filipinos, UnionDigital Bank (UD) and Chubb Philippines today announced a strategic partnership to offer Chubb’s insurance solutions directly through the UD app. These comprehensive solutions will be seamlessly integrated into UD’s suite of financial products, making insurance protection more accessible to consumers.
According to the most recent Financial Inclusion Survey (FIS) conducted by the Bangko Sentral ng Pilipinas (BSP), 48% of adult Filipinos are currently uninsured. This lack of protection leaves families ill-prepared for unexpected life events. For example, an average of ₱50,000 in emergency savings is often an inadequate safety net for major illnesses, which can cost upwards of ₱690,000.
The two key insurance products in the initial rollout are:
● Loan Protect Insurance: This product is automatically included for eligible UD Loan borrowers at no additional cost for the first three months after the loan is approved. In the event of accidental death, permanent disability, temporary disability, or death due to illness, Loan Protect Insurance pays up to the original loan amount to cover 100% of the customer’s outstanding loan balance, with any remaining amount released to the beneficiaries. Loan Protect Insurance is currently available for loans of up to ₱30,000 with short-term repayment periods and is designed to provide borrowers with peace of mind, knowing their loan obligations can be covered even in unforeseen circumstances.
● Kaya Protect Insurance: Available soon, this product provides personal accident and accidental death coverage of up to ₱150,000. Coverage is automatically activated by maintaining a minimum balance of ₱100 in the insured’s savings account. UD Kaya Protect Insurance aims to encourage healthy saving habits while providing immediate protection for first-time savers.
Danilo “Bong” Mojica II, PhD, UD President and CEO, said, “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. By embedding insurance seamlessly into their daily banking experience, we provide a vital safety net that empowers them to protect their hard-earned progress and pursue their aspirations with confidence.”
Mari Rachelle Canta, Country President of Chubb Philippines, said, “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 uninsured and underinsured Filipinos, ensuring they have access to crucial protection when they need it most. By partnering with UD, we look forward to leveraging our combined strengths to deliver customer-focused digital insurance solutions to UD customers.”
This partnership between UD and Chubb Philippines reflects a growing shift toward embedded finance in the Philippines by removing traditional barriers to insurance while encouraging responsible borrowing and saving. It also reinforces the commitment of both UnionDigital Bank and Chubb Philippines to help foster a more financially secure future for Filipinos.
Learn more about these protection solutions at https://www.uniondigitalbank.io/en.
