Swiss-based insurance technology (insurtech) firm discovermarket has announced its entry into the Philippine market through a partnership with Globe, aiming to introduce embedded Personal Cyber Insurance to the telco’s subscribers. This brand collaboration is envisioned to enhance cybersecurity resilience for Filipino consumers, addressing the growing digital economy and rising cyber threats.
The Swiss insurtech firm specializes in embedded insurance solutions across various industries in Southeast Asia. The new product aims to offer coverage up to PHP 100,000 (USD 1,740) against online identity theft, online shopping fraud, and online payment transaction fraud. It intends to provide a seamless digital experience and to include claims assistance services for comprehensive cyber-attack protection.
Moreover, the strategic alliance intends to democratize insurance access, particularly within underserved segments, by leveraging low transaction costs and customizable solutions. The Swiss insurtech plans to expand its cyber insurance offerings in the Philippines and promote financial inclusion through strategic partnerships.
This initiative reflects a growing demand for cybersecurity and tailored solutions in the Philippines. As digital threats continue to evolve, the joint venture is expected to bolster the cybersecurity landscape in the country, offering robust protection for an increasingly digital-savvy population.
(Source: Insurtech Insights; Business World Online)
