While getting insurance coverage or any type of financial service is an important step towards independence, it is still considered to be a daunting task for many Filipinos. There is a negative misconception that getting financial services entail long processes and unnecessary expenses. Furthermore, the countless products available, different terms, and application requirements usually scream confusion and intimidation, making others forgo the process altogether.
GoBear, Asia’s first and only meta-search engine for insurance and banking services, is here to bridge that gap. With GoBear, Filipinos can now easily compare different financial products including insurance, credit cards, and loans right from their computers or mobile phones.
GoBear was founded on the idea that choosing complex financial and insurance products should be as easy and honest as possible. With this guiding principle in mind, GoBear’s founder Andre Hesselink gathered a team of like-minded individuals who made it their aim to simplify what many people considered complex. The company aims to disrupt a traditionally convoluted and opaque industry, and make it much more navigable for consumers. Andre and his team continue their daily mission of making life easier, better and safer for everyone.
Here are 5 things you should know about the new service:
1) How does GoBear work?
For personal loans: When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan:Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment.
Total Payment: Includes all interest paid, all principal repaid and loan servicing costs.
Interest Payments: All interest that you will pay during the duration of the loan
Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees.
The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.
For insurance: GoBear compares relevant insurance plans of insurers on our site to find the best deal. When you have found the right deal for you, we connect you to the particular insurer directly. And only when you click on an insurance plan do we get a small referral fee from the insurer, not from you.
Remember you do not buy the insurance from us. We only compare! You always buy directly from the insurer, broker or agent.
For credit cards: Our goal is simple: to show you the most transparent and unbiased comparison that suits your needs, not anyone else’s.
Here’s how:
1. Search by reward types Card rewards are what you are looking for and GoBear gets it! Start your search by selecting your preferred reward type: cashback or air miles.
2. Calculate annual rewards based on your spending needs To help you find your best credit card, simply input your monthly spending amount with an option to break them down into categories like: dining, entertainment, fuel, groceries, online shopping, shopping, etc.
With your input plus our unique GoBear Rewards Converter, we will calculate your estimated annual earnings on cashback and air miles based on your monthly spending over a period of one year. We convert the different credit card reward points based on average cash values or actual air miles you can redeem. Please refer to ‘Which airline miles do you use in your total air miles calculation?’ for more details on air miles.
3. Compare reward earnings vs other benefits, features and fees To give an all-rounded comparison, we also showcase a directory of other features, including benefits and fees of each credit card.
GoBear credit card comparison results are based entirely on your personal spending pattern, based on your data input. There’s no advertising, pre-ranking and highlights of the card listing. We don’t tell you which card to pick, it’s your choice.
2) What products does GoBear offer?
Philippines currently offers travel insurance, credit cards and personal loans, with plans to bring in car insurance, car loans, home loans and health insurance.
3) What differentiates GoBear from its competitors?
At this point in time, there isn’t anything in the market like GoBear – it compares hundreds of car and travel insurance products in just a few seconds, in an unbiased, quick and easy manner; data is free of jargons and presented in a very friendly user interface. The fact that it’s mobile and tablet-friendly means that you can search no matter where you are.
GoBear specialises as an information platform, and not as a seller or representative of products. We are therefore transparent, unbiased, personalised and we have you covered. Being able to compare means you get a clearer picture of the market and it leads to a smarter decision. We already have a number of products in our database, and are planning to add more over the coming months. All our information is updated regularly.
4) How exactly does GoBear help consumers?
GoBear is completely free. We work with most insurers and banks in Singapore and in our other key markets. We do not play favourites with anyone. We are a comparison site that puts you first and will always try to find the best deals in the market.
5) Where can I find GoBear?
GoBear is currently available in Singapore, Malaysia, Thailand and the Philippines.
GoBear will be expanding to more countries across Asia, with plans to launch GoBear Hong Kong and Vietnam by fall 2016, and adding more products to our lineup.
With GoBear, Users do not have to worry about details that might have been overlooked because GoBear takes pride in its unbiased, simple, and transparent way of offering consumers with the best deals. While GoBear is home to a number of financial products locally, the website does not sell nor promote any particular product. GoBear simply compares and aims to give users the power to choose what will best suit their needs.
“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 GoBear CEO and Founder Andre Hesselink. “We, at GoBear, hope that the brand can be an enabler towards increased financial literacy and responsibility,” he adds.
Known as one of today’s top celebrity couples, Drew Arellano and Iya Villania-Arellano were revealed as the celebrity influencers of the brand during its grand launch. For GoBear, the couple is the ideal pair to work with as the company rolls out its initiatives locally.
“We chose Drew and Iya as GoBear Philippines’ influencers as they embody the simple and fun personality of GoBear. As young professionals and a soon-to-be family of three, both of them can best represent the people that GoBear aims to guide in making smarter financial decisions. We are very happy and proud to have them as part of the family,” says GoBear Philippines Country Director Rommel Torres
