Global insurtech company discovermarket has forayed into the Philippines market with the launch of its new embedded personal cyber insurance product in collaboration with Globe Telecom.
This launch comes as the Philippines experiences a surge in digital activities including mobile and internet usage, and corresponding cyber threats, discovermarket said.
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Filipino telecom provider Globe has responded to this increase in cybercrime by investing in enhanced cybersecurity measures, such as through its alliance with discovermarket.
The cyber insurance solution from discovermarket enables Globe to protect its customers against various online threats including shopping fraud, identity theft and payment fraud.
This coverage extends up to 100,000 pesos ($1,722) and includes claims assistance services in case of a cyber incident.
It is available for both new and re-contracting subscribers of Globe Platinum Plans 3799, 4999 and 7999.
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By GlobalDataGlobe the Platinum Brand head and director Mark Pasaylo said: “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.”
Headquartered in Switzerland with a regional base in Singapore, discovermarket serves more than 200 million customers globally.
The company’s mission is to deliver insurance solutions to underserved communities, focusing on affordability and accessibility. Its marketplace-as-a-service platform allows partners to access digital insurance solutions and tailor their insurance offerings.
In the future, discovermarket is looking to broaden its presence in the Philippines, prioritising cyber products for both consumers and businesses.
It is also exploring opportunities to promote financial inclusion by partnering with key players in the ecosystem.
discovermarket CEO and founder Patrick Bühler said: “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.”
