Filipino consumers can now easily compare different financial products including insurance, credit cards, and loans from their computers or mobile phones with the entry to the Philippine market of GoBear, the Asia’s first and only metasearch engine in insurance and financial products.
GoBear Founder and CEO Andre Hesselink (second from right) with Gobear Philippines Country Director Rommel Torres (first from left) at the GoBear launch
Although the GoBear website provides a number of financial products that can be availed locally, it does not sell nor promote any particular product. It provides users with tools that compare products in just a few seconds, user reviews and ratings that are helpful in deciding or choosing the best deals in the market for them.
“Consumers deserve the freedom to be able to make decisions for themselves, especially when it comes to money matters. What users need is a tool that will help them weigh options in a completely transparent, quick, and understandable way,” says Andre Hesselink, Founder and CEO at GoBear. “We, at GoBear, hope that the brand can be an enabler towards increased financial literacy and responsibility.”
The metasearch nature of the engine has brought transparency in data and in comparing financial products for customers to decide on their own.
The GoBear platform is free. The database in it is free of jargons and presented in a friendly user interface. Mobile and tablet-friendly, users can search the products they want in the platform wherever they are.
The Philippines operation currently offers travel insurance, credit cards and personal loans, with plans to bring in car insurance, health insurance, car loans, home loans and there are plans to add more products in the coming months.
Here’s how GoBear works? In availing personal loans, GoBear provides users information on costs and repayments that are associated with the loan such as monthly payment, total payment, interest payments, and servicing costs.
For insurance, the platform compares relevant insurance plans of insurers for customers to find the best deal. When the right deal is found, GoBear connects the user to the insurer directly.
For credit cards, the platform shows product comparisons by reward types, calculate annual rewards based on the spending needs, and compare reward earnings vs. other benefits, features and fees.
GoBear has currently establish presence in Singapore where its headquarters is located, Malaysia, Thailand and the Philippines. It has plans to expand its operations in other countries across Asia such as Hong Kong and Vietnam where GoBear will be launched this year, and add more products on its list.
