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Tonik taps Sun Life Grepa Financial to launch insurance

Wednesday 18 October 2023 09:51 CET | News

Philippine-based digital bank Tonik has partnered with life insurance company Sun Life Grepa Financial to roll out insurance for the former’s customers.

 

The focal point of this collaboration is the introduction of Payhinga, an inclusive bundle service designed to offer customers financial security in the face of life's uncertainties. It also represents a credit life and disability insurance product, which will complement Tonik's existing loan offerings and will be readily available to customers applying for loans.

Tonik has partnered with life insurance company Sun Life Grepa Financial to roll out insurance for the former’s customers.

Officials from Tonik said the alliance with Sun Life Grepa will significantly expand their suite of products, and insurance is a highly sought-after addition that their customers have been requesting.

Features of Payhinga

Payhinga will give customers access to life and disability insurance with coverage up to 120% of their loan amount, along with a two-month payment holiday where customers can push back their upcoming loan instalments in case of financial strain.

In an ever-changing landscape, access to reliable and affordable banking, financial services, and insurance is essential. Financial institutions are continuously innovating to provide customers with enhanced services. The introduction of products like Payhinga represents a significant step forward, offering customers a two-in-one solution that combines loan access with comprehensive coverage in a convenient and cost-effective package.

Also commenting on this partnership, representatives from Sun Life Grepa said the collaboration with Tonik will enable them to reach a broader client base and fulfil their mission of delivering insurance protection to the underserved.

Previous news from Tonik

In September 2023, Tonik teamed up with Finastra to enhance its core banking capabilities using Finastra Essence. The collaboration involves deploying experts to aid Tonik's development process and launch secure services.

Finastra Essence, a cloud-enabled product, will improve Tonik's solutions, offering flexibility and security. Its open architecture enables Tonik to develop and launch new tools swiftly and safely.

In November 2022, Tonik has introduced two lending products, Flex Loan and Big Loan, to enhance financial inclusion. Flex Loan offers unsecured personal loans of up to USD 4,300 with low, fixed interest rates, requiring no collateral for employed customers. Big Loan provides a digital home equity line of credit of up to USD 43,000, allowing borrowers to use their home's equity as collateral.

These fully digitalised product offers quick approval within minutes, with loan disbursement in seven days to Tonik Savings Accounts. The aim is to provide accessible and safe credit to the underserved Filipino market, promoting credit inclusion in the country.


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Keywords: insurance, partnership, lending, product launch, instalment payments
Categories: Banking & Fintech
Companies: Sun Life Grepa Financial, Tonik
Countries: Philippines
This article is part of category

Banking & Fintech

Sun Life Grepa Financial

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Tonik

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