Oona Insurance aims to be profitable by 2026 on the back of digital partnerships

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Oona Insurance Group's president and chief executive officer Abhishek Bhatia also says they hope to expand their tailored insurance offerings to the Philippine market

MANILA, Philippines – Oona Insular Insurance Corporation aims to be profitable by 2026 amid expanding digital partnerships and offerings.

Oona Insurance Group’s chief executive officer Abhishek Bhatia said the company forged 15 partnerships so far with companies such as GCash, Home Credit, and the Palawan Group of Companies.

“I think what’s important to understand here is the technology that powers our direct to consumer, where consumers can go on the website and buy themselves, it’s the same technology which we are putting in the hands of our distribution partners. So the agents have the same technology,” he pointed out.

Oona Insurance Philippines’ president and CEO Ninoy Rollan also said the firm aims to grow revenues to P2.5 billion in 2025.

Data from the Insurance Commission showed that Oona narrowed its net loss from P236.39 million in 2023 to P205.94 million. Its premiums also jumped 39% to P939.53 million.

The Oona Insurance Group is a Singapore-based startup that fully acquired MAPFRE Insurance in 2023. The Philippine insurance firm rebranded to Oona Philippines in February.

Apart from digital partnerships, Bhatia said they are also expanding their offerings to tailor to the needs of the Philippine market.

The company recently began offering insurance products to cover cancer, as well as provide lounge access if the holder suffers flight delays. It also aims to launch a health product this year with GCash.

Bhatia added that expanding Oona Insurance’s offerings and breaking down bigger offerings could help make insurance more accessible to Filipinos.

For instance, Rollan said, the company’s health insurance packages are broken down into smaller, more affordable policies covering cancer, stroke, among others.

The Philippines suffers a low insurance penetration rate of around 2%, one of the lowest in the world.

While Filipinos are interested in buying insurance products, budget constraints and other cultural factors prevent them from making the purchase. 

“At a very broad level you could ask why is the penetration level of insurance so low in the Philippines, what will drive it higher? First of all is accessibility, second is affordability,” Bhatia explained.

Bhata believes that offering products catering to specific needs, such as insurances covering flight delays and specific ailments like cancer and stroke, can help boost the country’s insurance penetration rate. – Rappler.com