5 Best Banking Apps in the Philippines with Embedded Insurance

Online banking apps have become indispensable for Filipinos in managing their finances. These apps offer a convenient and efficient way to handle financial transactions, from paying bills to transferring funds. However, the trend is evolving; more and more banks are now integrating insurance services into their platforms. 

In Asia, 60% of banks now provide integrated insurance as a value-added service, generating 16% of their revenue from this new offering. Aside from benefiting banks, embedded insurance streamlines financial management for businesses and individuals alike, helping you easily protect your valuable assets. 

This blog explores the best online banking apps in the Philippines that offer embedded insurance and examines how these integrated services are reshaping modern users’ financial landscape.

5 Best Banking Apps in the Philippines with Embedded Insurance

Getting insurance through a banking app makes the process much less intimidating. Here are some of the best mobile banking apps in the Philippines that integrate insurance options directly within their platforms or alongside their financial services:  

1. GCash

Unsurprisingly, GCash offers various embedded insurance products, including life, health, and even pet insurance. It has over 90 million users, all relying on the app for personal and business transactions. 

GCash’s insurance plans are available through GInsure on the app, with premiums as low as ₱10 per month. It also has a feature that safeguards users’ money transfers against fraud. For just ₱30, users can enjoy 30 days of protection for Express Send transactions, with coverage up to ₱15,000 in case of scams.

The app lets you get insurance and pay for it directly with your balance or linked bank accounts. It also offers an auto-renewal option for continuous coverage. 

2. CIMB Bank PH

Through its partnership with Pru Life UK, CIMB Bank gives you easy access to life insurance via its app, along with health and wealth tools available through Pru Life’s Pulse app. Additionally, you can enjoy free life insurance coverage of up to ₱250,000 by maintaining a minimum average daily balance of ₱5,000 in your GSave account. 

As one of the popular digital banks in the Philippines, CIMB Bank makes purchasing insurance and controlling coverage directly from mobile devices easy.

3. UnionBank

UnionBank offers life and accident insurance within its broader suite of financial services. In partnership with Insular Life Insurance, the bank provides “bancassurance” policies for as low as ₱99 for one year of full coverage. It focuses on financial protection, retirement, investments, and wealth management.

Also, the app lets you compare insurance policies—it puts them side by side so you can quickly weigh your options on one page. 

4. UNO Bank

UNO Digital Bank offers embedded insurance through its partnership with Singlife Philippines. You can access affordable and comprehensive insurance plans on the UNO app, such as:

• Medical Cost Coverage: Provides hospitalization and critical illness coverage for 125 conditions.
• 3-in-1 Protection Plan: Covers dengue, COVID-19, and accidents, starting at just ₱79/month with up to ₱750,000 coverage.
• Income Loss Support (Accidents): Offers monthly financial assistance for up to seven years in case of income loss due to death or disability from accidents.

5. Tonik

Tonik makes managing your finances even more accessible with its embedded insurance options in collaboration with Sun Life Grepa Financial. Their main offering is Payhinga, a credit life and disability insurance product designed to enhance Tonik’s loan offerings.

You can easily access this service when applying for loans. You’ll automatically get life and disability insurance coverage of up to 120% of your loan amount.

Plus, Payhinga includes a two-month payment holiday, allowing you to postpone loan installments if you encounter financial difficulties. By integrating insurance into the loan application, Tonik enables customers to access both credit and financial protection in one convenient package.

How Embedded Insurance is Shaping Customer Expectations

Digital banking in the Philippines is all about evolution. Here are the reasons why the banks above now include insurance in their finance solutions:  

Convenience and accessibility

Embedded insurance saves you from switching between different platforms or going to physical offices to get insured. Now, you can explore, buy, and manage insurance policies with just a few clicks on an app. This smooth process saves time and makes insurance more accessible.

Built trust

Trust is a critical factor in financial services, and banking apps offering banking and insurance solutions under one roof tend to inspire greater confidence.

You can feel secure handling all your financial needs on a single, trusted platform. You can monitor your funds, pay bills, and get insured, all within a familiar environment.

Tailored insurance products

With user data, banking apps can provide personalized insurance products that fit individual needs. This customization helps users pick policies that match their lifestyle, financial situation, and comfort with risk.

The Future of Financial Management

Embedded insurance simplifies coverage by integrating it seamlessly into everyday banking tasks. By combining insurance with savings, investments, and other financial services, banking apps offer a simple, modern solution that meets today’s needs. 

To stay competitive, you must understand how embedded services can help your business and customers. Partnering with a business analytics company like Inquiro can help you uncover customer needs, refine your offerings, and boost customer satisfaction.

Request a demo today and see how we can help you better meet your customers’ expectations.