UnionDigital Bank (UD) and Chubb Philippines have announced a strategic partnership that brings insurance products directly to the UD app, making financial protection more accessible for Filipinos through embedded digital services.
The collaboration aims to address the country’s insurance protection gap by integrating Chubb’s insurance offerings into UnionDigital Bank’s digital banking platform. Customers will be able to access insurance alongside their existing banking services, reducing barriers to financial protection.
Addressing the country’s protection gap
According to the latest Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas, nearly half of Filipino adults remain uninsured. Without adequate protection, many families are vulnerable to financial setbacks caused by unexpected medical emergencies, disability, or death.
UnionDigital Bank and Chubb said the partnership is designed to help underserved and unbanked Filipinos build greater financial resilience through affordable and easily accessible insurance products.
Loan Protect Insurance now available
The first offering under the partnership is Loan Protect Insurance, which is automatically provided at no additional cost for the first three months to eligible UnionDigital Bank loan borrowers after loan approval.
The insurance covers accidental death, permanent disability, temporary disability, and death due to illness. It pays up to the original loan amount to settle the customer’s outstanding loan balance, with any remaining proceeds released to designated beneficiaries.
The product currently supports loans of up to PHP30,000 with short-term repayment periods, providing borrowers with additional financial security in the event of unforeseen circumstances.
Kaya Protect Insurance to launch soon
The partnership will also introduce Kaya Protect Insurance, which is expected to become available soon.
The product will provide personal accident and accidental death coverage of up to PHP150,000. Coverage is automatically activated by maintaining a minimum balance of PHP100 in an eligible savings account, encouraging customers to develop regular savings habits while receiving insurance protection.
Supporting financial resilience
Danilo “Bong” Mojica II, PhD, president and CEO of UnionDigital Bank, said the partnership supports the bank’s goal of expanding insurance access while strengthening the financial resilience of Filipinos.
“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, we provide a vital safety net, empowering them to protect their hard-earned progress and pursue their aspirations with confidence.”
Mari Rachelle Canta, country president of Chubb Philippines, highlighted the company’s commitment to expanding access to affordable insurance.
“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. By partnering with UD, we look forward to leveraging our combined strengths to deliver customer-focused digital insurance solutions to UD customers.”
Expanding embedded finance
The partnership reflects the continued growth of embedded finance in the Philippines by integrating insurance into everyday digital banking services. UnionDigital Bank and Chubb Philippines said the initiative supports responsible borrowing, encourages savings, and helps more Filipinos gain access to financial protection through digital channels.
Customers can learn more about the available protection solutions through UnionDigital Bank’s website.