International insurtech firm discovermarket has entered the Philippines, partnering with Globe Telecom Inc., the leading full-service telecommunications company in the country. This collaboration aims to address the increasing threat of cybercrime by launching a unique embedded Personal Cyber Insurance product for Globe Platinum customers.
Addressing the Growing Need for Cyber Protection
With the Philippines experiencing a surge in mobile and internet users, the digital economy has flourished. However, this growth comes with a downside: a rise in cybercrimes. Statistics show a significant increase in reported cases – 4,469 in the first quarter of 2024 alone compared to 3,668 in the same period last year.
Globe Takes a Stand Against Cybercrime
Recognizing the critical need for enhanced cybersecurity, Globe has actively invested in solutions to bolster its defenses. The partnership with discovermarket allows Globe to offer innovative insurance products for its core connectivity products, leveraging discovermarket’s embedded insurance expertise.
Protection for Platinum Customers
The new cyber insurance product safeguards Globe Platinum customers with plans valued at Php 3799, Php 4999, and Php 7999 against online identity theft, online shopping fraud, and internet payment transaction fraud, with a coverage limit of up to Php 100,000. Additionally, it provides claims assistance services in the event of a cyber incident.
Patrick Bühler, CEO and Founder of discovermarket: “This partnership allows us to help Globe provide innovative insurance products as a safeguard for their users. As the digital presence of Filipino consumers continues to grow, comprehensive measures are crucial to protect everyone from cyberattacks.”
Mark Pasaylo, Head and Director – The Platinum Brand, Globe: “This partnership with discovermarket enables us to deliver effective protection solutions through a digital model that adds value for our subscribers. The new embedded CyberInsurance products demonstrate our commitment to ensuring the safety of our subscribers’ online presence.”
Discovermarket: Championing Insurance for Underserved Segments
discovermarket’s core mission is to provide insurance products to underserved communities. Their low transaction costs enable them to offer affordable embedded insurance, improving accessibility. Their marketplace-as-a-service platform functions as a one-stop shop for ecosystem partners seeking digital insurance solutions. Partners can easily create diverse insurance offerings by selecting from various brokers, insurers, and prevention providers.
Expanding Reach and Fostering Financial Inclusion
Following the success of this partnership, discovermarket aims to expand its reach in the Philippines. They plan to offer more cyber insurance products for both consumers and businesses. Additionally, they are actively seeking opportunities to collaborate with relevant partners and contribute to financial inclusion in the Philippines.
