Global insurtech company discovermarket has entered the Philippines market, introducing its new embedded personal cyber insurance product in collaboration with Globe Telecom.
This initiative aligns with the Philippines’ increasing digital activities, including mobile and internet usage, and the corresponding rise in cyber threats, as noted by discovermarket.
Telecom provider Globe has responded to this escalation in cybercrime by investing in enhanced cybersecurity measures through its partnership with discovermarket. The cyber insurance solution offered by discovermarket enables Globe to safeguard its customers against various online threats, such as shopping fraud, identity theft, and payment fraud.
This coverage, which extends up to 100,000 pesos (US$1,722), includes claims assistance services in the event of a cyber incident. It is available for both new and re-contracting subscribers of Globe Platinum Plans 3799, 4999, and 7999.
Mark Pasaylo, the head and director of the Globe Platinum Brand, expressed appreciation for the discovermarket partnership, stating,
“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.”
discovermarket, headquartered in Switzerland with a regional base in Singapore, serves more than 200 million customers globally.
The company’s mission focuses on delivering insurance solutions to underserved communities, emphasising affordability and accessibility. Its marketplace-as-a-service platform allows partners to access digital insurance solutions and customise their insurance offerings.
CEO and founder Patrick Bühler remarked,
“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.”
Looking ahead, discovermarket plans to expand its presence in the Philippines, prioritising cyber products for both consumers and businesses. Additionally, it is exploring opportunities to promote financial inclusion by partnering with key players in the ecosystem.
Featured image credit: Edited from Freepik
