Insurtech Firm Launches In The Philippines In Bid Against Cybercrime

Insurance tech firm discovermarket has officially launched in the Philippines to offer insurance products targeting cybercrime.

The insurance tech firm has partnered with one of the country’s leading telecommunications companies to launch a new insurance product targeting cybercrime.

In the first quarter of 2024 alone, the Philippines logged a total of 4,469 cases of cybercrime. It is a worrying increase in number from the previous year, which saw 3,668 cases in the same period. 

Given the alarming number of cybercrimes in the country, it has become more important for both individuals and companies to safeguard their data online. Fortunately, an international insurance tech firm has officially launched in the Philippines to help deal with such concerns. 

The Switzerland-based insurtech firm discovermarket seeks to provide embedded insurance solutions to their over 200 million customers from diverse industries. These industries include hospitality, agriculture, and telecommunications. 

discovermarket aims to achieve their goal through low transaction costs to tap into these market segments. This means offering embedded insurance products that are affordable to customers, which, in turn, improves accessibility to insurance. 

Partnership with Globe Telecom Inc. 

discovermarket arrives in the Philippines with a bang thanks to its new partnership with Globe Telecom Inc. to launch a new insurance product. 

The embedded Personal Cyber Insurance protects Globe’s Platinum customers from different cybercrimes, such as online identity theft, online shopping fraud and internet payment transactions fraud up to PHP 100,000. The insurance also provides customers with claims assistance service if a cyber incident takes place. 

The new insurance product will be made available for new and recontracting Globe Platinum subscribers who hold the following plans: Plan 3799, Plan 4999, and Plan 7999. 

“Having this partnership with Globe has been a great privilege for us,” discovermarket Founder and CEO Patrick Bühler said in a statement. “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.” 

Globe’s Head and Director for The Platinum Brand, Mark Pasaylo, added, “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.”

Expanding in the Philippines

discovermarket’s partnership with Globe is also just the beginning for the company. The international insurtech firm plans on further expanding in the country. It hopes to be able to offer its insurance products to businesses as well in the future. 

“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,” said Bühler.