International insurtech firm discovermarket has entered the Philippine market in partnership with Globe Telecom Inc., the leading Filipino telco, to launch a new embedded Personal Cyber Insurance product.
Based in Switzerland and with Southeast Asia regional headquarters in Singapore, discovermarket provides embedded insurance solutions to over 200 million customers across diverse industries, including hospitality, agriculture, and telecommunications.
While the Philippines has seen exponential growth in mobile and internet users and its digital economy, therein lies the rise of cybercrimes. An increase in such cases was reported in the first quarter of 2024 alone, with 4,469 cases compared to 3,668 cases in the same period last year.
In light of the situation, Globe has been taking active measures to clamp down and bolster its cyber security capabilities by investing in such solutions. With this partnership with discovermarket, the company is now able to provide unique insurance products for customers of their core connectivity products, by leveraging discovermarket’s innovative embedded insurance solution.
The new cyber retail product covers Globe’s Platinum customers from online identity theft, online shopping fraud, and internet payment transaction fraud up to PHP100,000. The coverage also provides claims assistance service in the event of a cyber incident. The product will be made available for new and re-contracting Globe Platinum subscribers who hold Plan 3799, Plan 4999, and Plan 7999.
“Having this partnership with Globe has been a great privilege for us,” said Patrick Bühler, CEO and founder of discovermarket. “By providing a hassle-free and digital-first experience, we are able to help Globe provide innovative insurance products as a safeguard for their users. As the digital presence of Filipino consumers continues to grow, it is crucial that there are comprehensive measures for everyone to be sufficiently protected from malicious cyber-attacks.”
“We appreciate this partnership we have with discovermarket as we are now able to deliver effective protection solutions through a digital operating model that adds value for our subscribers,” commented Mark Pasaylo, head and director, The Platinum Brand, Globe. “The new embedded CyberInsurance products demonstrate Globe’s commitment to ensure the safety of our subscribers’ online presence, giving them peace of mind when they go about their various activities on their smart devices.”
discovermarket’s core goal is to provide insurance products to the underserved segments of the community. This is achieved through its low transaction costs to tap into these market segments, offering embedded insurance products that are affordable, thereby improving accessibility to insurance. discovermarket’s marketplace-as-a-service platform also functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions. Partners can simply select from a variety of brokers, insurers, and prevention providers to create diverse insurance propositions and customize their embedded insurance journeys.
Following the partnership with Globe, discovermarket aims to expand its reach in the Philippines. With cyber products as a key priority, it plans to expand Cyber Insurance offerings for not just consumers, but businesses as well. In addition, discovermarket is also actively looking for opportunities to offer solutions that foster financial inclusion by working with the relevant ecosystem partners.
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