MANILA, Philippines — Good news for online shoppers who used to constantly worry about falling prey to scammers: You can now have protection for the purchases that you make online.
Regional Insurtech Igloo has partnered with e-commerce platform Lazada to offer Filipino shoppers protection plans for their online purchases.
“E-commerce is a fast-growing industry in the Philippines and it’s safe to say that more and more Filipinos have embraced online shopping as a fast and convenient way to access a diverse range of products and services. There are currently 38.9 million e-commerce shoppers in the Philippines, a number that is expected to reach 55.8 million by 2025. Of these, approximately 25% of Filipinos who shop online do so at least once a month,” said Roberto Vea, Commercial Lead at Igloo Philippines.
In collaboration with Igloo, Lazada now offers three comprehensive online shopping protection products tailored for its electronics and beauty products. These protection plans are integrated into the checkout process. Before finalizing their payment, customers will be presented with a tailored insurance plan specific to the item they are purchasing. This includes a transparent display of the associated premium, ensuring a clear understanding of the additional cost that will be integrated into their total transaction.
These three comprehensive online shopping protection products are Electronic Protection, Gadget Protection and Merchandise Protection. The first two ensure extensive protection for all kinds of electronic products and gadgets, from accidental and liquid damage to loss due to theft or robbery, along with the added benefit of professional repair and service at authorized centers. Both products are underwritten by Etiqa Insurance. Specifically for non-electronic products, Igloo and Etiqa present Merchandise Protection, which protects orders from accidental damage and theft.
Additionally, there is the Product Liability Protection, which addresses adverse reactions to beauty products (cosmetics, lotions, bath essentials) purchased on Lazada. Underwritten by Liberty Insurance, coverage encompasses protection against chemical burns and severe allergic reactions (anaphylaxis) resulting from product use. Consumers availing of this product gain access to teleconsultations, medical reimbursements and emergency hospitalization.
Igloo’s partnership with Lazada is part of its goal to increase insurance penetration by offering micro insurance products designed to cater to the increasingly digital lifestyle of consumers in the Philippines and across the region.
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