Philam Life offers insurance for online shoppers

MANILA, Philippines - Filipinos are one of the world’s most active online shoppers, browsing the Web for countless hours in a week, looking for precious finds and the best deals for their hard-earned money.

But despite the ease and convenience Internet shopping offers, how many Filipinos actually think about protecting their financial identities safe and secured online? 

The Philippine American Life and General Insurance Co. (Philam Life) is eyeing to help online shoppers combat the risks of credit card loss and fraud by partnering with Groupon Philippines, one of the fastest growing deal site companies today. 

Groupon Philippines has an active subscriber base in 45 countries worldwide. In the Philippines, they already have a member base of 1.3 million – 90 percent (1.17 million) of which are regular buyers who use credit cards to purchase deals. 

With such a huge chunk of online shoppers using credit cards, Philam Life deems it imperative to offer comprehensive protection to Groupon subscribers by offering the Credit Life with Card Protect, a g roup p ersonal a ccident i nsurance bundled with Lost Card Protection. 

Groupon Philippines business consultant Jay Ar Juan said that they will be offering existing Groupon subscribers with guaranteed protection coverage against fraudulent card usage, loss or stolen credit cards by paying off the cardholder’s outstanding balance up to a maximum of P100,000. 

Interestingly, a recent study showed that 89 percent of Filipino online shoppers were concerned over security. This implies that along with the increased activity of Filipino netizens online, most of them are aware of the dire need to protect their financial identity from any kind of unauthorized use. 

Philam Life partnership distribution head Amy Gochuico knows the critical role that e-Commerce plays in helping drive local consumption further to support the country’s growing economy. 

“We aim to promote the potential of this new industry by empowering Filipino online shoppers with the freedom to spend without the hassles of identity theft and credit card fraud,“ Gochuico added. 

The life insurer continues to find innovative ways to provide the protection needs of its customers as it carries out its mission of empowering Filipinos to achieve financial security and prosperity. 

Philam Life is a member of AlA Group, the largest independent publicly listed pan-Asian life insurance group.