SB Finance, an affiliate of the Security Bank Corporation, in collaboration with global insurtech, bolttech, and MAAGAP Insurance Inc., one of the leading providers of non-life insurance in the Philippines, have partnered to launch the Philippines’ first-ever bundled loss-of-employment protection feature for motorcycle loan customers.
This pioneering initiative enhances SB Finance’s MotorsikLOAN programme, embedding protection to ensure riders can maintain financial stability during life’s unexpected challenges such as job loss, accidents, or illness. Marking a first in the Philippines, MAAGAP Insurance Inc. is the only insurer in the country authorised by the Insurance Commission to offer insurance policy on involuntary loss-of-employment due to just and lawful causes.
Under this new partnership, SB Finance will bundle mandatory loss-of-employment protection with all motorcycle loans issued through its retail network while bolttech will enable the programme by providing distribution capabilities and claims services.
The enhanced MotosikLOAN plan offers comprehensive coverage through three main components:
- Involuntary loss of employment – Providing coverage for one month’s installment if the insured becomes involuntarily unemployed. Tailored to protect employed borrowers who have been employed for at least six months.
- Accidental death and disablement (ADD) – Offering coverage for loss of life or permanent disability due to an accident.
- Daily hospital allowance – Providing a daily benefit of PHP 500.00 for hospitalisation resulting from accident or sickness.
Additionally, customers gain access to teleconsultation services, providing convenient medical advice in the event of an accident.
SB Finance President & CEO Abbie Dans-Casanova said, “This collaboration allows us to bring added value to our customers by combining SB Finance’s expertise in consumer lending with innovative protection solutions. Together, we’re empowering more Filipinos with financial confidence as they pursue their mobility goals.”
MAAGAP Insurance Inc President & CEO Martin Dela Rosa said, “We’re proud to work alongside bolttech in supporting SB Finance’s MotorsikLOAN program. This partnership allows us to extend meaningful protection to more Filipinos who are seeking mobility and independence. Through MAAGAP’s customised insurance product, the first of its kind in the market that’s built into every loan, borrowers gain added confidence knowing they are covered throughout their repayment period. This collaboration reflects what MAAGAP stands for – confidence to move and protection within reach.”
bolttech Philippines General Manager Jemma Dela Cruz said, “Partnering with SB Finance and MAAGAP Insurance helps us to deliver on our vision to connect people with more ways to protect the things they value. Through MotorsikLOAN, we’re not only offering innovative protection but also supporting the programme with our seamless distribution capabilities and claims servicing to help Filipino customers stay safe on the road and financially secure through life’s uncertainties.”
For more information on this partnership, visit: https://www.sbfinance.com.ph/
