Rewire, the first digital financial services platform for migrant workers worldwide, has expanded its insurance provision for Filipino customers in the UK and Europe to cover their families living in the Philippines.
Filipino migrants in the UK and Europe can now buy three additional coverage packages for family members at home in the Philippines. Cover is available for Covid-19, dengue virus and fire damage to their home, as well as personal accidents or injury. Covid insurance comes as part of a package of medical cover for bacterial and viral Infections and includes 24/7 access to Medgate, a telemedicine service in the Philippines.
The insurance options can be taken out individually and start from as little as £8 a year, per family member. Payouts can help families cover the cost of hospital treatment and medication, funeral expenses and cash for rebuilding the family home in the case of fire.
Insurance products are a significant addition to Rewire’s growing portfolio of services, designed to help migrant workers manage their finances across borders. With a unique understanding of its customers’ needs, Rewire is building a financial services platform for the underbanked. The company also offers money transfer, debit cards, local payment accounts (IBAN) and the ability to make cross-border bill payments.
Guy Kashtan, co-founder and CEO of Rewire, says: “We have listened to feedback from our customers and know what they really care about. Looking after families back home comes with real-life challenges, complicated by the lack of suitable financial services. Many migrants have never had the option to buy cover for their loved ones, but now, in the event of sickness or natural disasters – such as the typhoons that are typical in the Philippines – our customers can have peace of mind knowing their families are protected.”
The Filipino market is the first to benefit from Rewire’s insurance services, which will be rolled out to other migrant markets in the UK and Europe as the business continues to scale up.
“Migrants are severely underbanked, and by providing access to financial services, including insurance, we can help promote financial inclusion and raise awareness of the possibilities,” continues Guy Kashtan, “insurance is an integral part of our vision to offer a holistic migration package tailored to the unique cross-border needs of migrants worldwide.”
Rewire is a global player in the cross-border financial services industry, serving the underbanked. By providing fair access to financial services, the company is helping narrow global financial gaps and promoting financial inclusion, all in the user’s native language. Rewire serves migrants in the UK, EU and Israel and has corridors to 13 countries including the Philippines, Nigeria, India, Thailand and China.