Insurtech firm partners with Globe to offer cyber insurance

SWISS insurance technology (insurtech) firm discovermarket has entered the Philippine market through a partnership with Globe Telecom, Inc.

The company will launch its first insurance product in the country through an embedded personal cyber insurance product, discovermarket said in a statement on Tuesday.

“Having this partnership with Globe has been a great privilege for us… 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,” discovermarket Chief Executive Officer and Founder Patrick Bühler said.

“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 cyberattacks,” Mr. Bühler added.

The insurtech company is based in Switzerland, with its regional headquarters for Southeast Asia located in Singapore, and provides embedded insurance solutions to over 200 million customers across different industries such as hospitality, agriculture, and telecommunications. 

The partnership allows discovermarket to offer customers embedded insurance products that aim to deter cybercrime.

The company cited Philippine National Police Anti-Cybercrime Group data, which showed cybercrime cases in the Philippines rose by 21.84% year on year to 4,469 in the first quarter.

Mark Pasaylo, head and director of Globe Platinum, said the partnership will allow the telco to offer digital protection solutions to its subscribers.

“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,” he added.   

The company’s cyber retail product covers Globe’s Platinum customers from online identity theft, online shopping fraud, and internet payment transactions fraud for up to P100,000.

The product also provides claims assistance service in the event of a cyber incident.

It will be made available to new and recontracting Globe Platinum subscribers under Plan 3799, Plan 4999, and Plan 7999, discovermarket said.

The insurtech aims to provide insurance coverage to underserved segments through low transaction costs, it said.

“discovermarket’s marketplace-as-a-service platform also functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions,” it said.

The company also aims to expand its reach in the Philippines, prioritizing the distribution of cyber products to both consumers and businesses. — A.M.C. Sy