Regional insurtech Igloo has joined forces with e-commerce giant Lazada to offer Filipino shoppers peace of mind with protection plans designed specifically for online purchases. This collaboration aligns with Igloo’s ongoing commitment to enhancing the online shopping experience through innovative insurance solutions.
“The Philippines boasts a booming e-commerce industry, with Filipinos increasingly turning to online platforms for their diverse product and service needs,” said Roberto Vea, Commercial Lead at Igloo Philippines. “Currently, 38.9 million Filipinos shop online, and this number is projected to reach 55.8 million by 2025. Notably, around 25 percent of these online shoppers make purchases at least once a month.”
Vea emphasizes, “As the online shopping landscape continues to expand, it becomes crucial to equip Filipino consumers with comprehensive protection throughout their shopping journey, offering support even after receiving their products.”
In collaboration with Igloo, Lazada has introduced three comprehensive online shopping protection products tailored for its electronics and beauty products. These protection plans are seamlessly 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.
The Electronic Protection and Gadget Protection products ensure extensive protection for all kinds of electronic products and gadgets. from accidental and liquid damage, loss due to theft or robbery, and the added benefit of professional repair and service at authorized centers. Etiqa Insurance underwrites both products. Specifically for non-electronic products, Igloo and Etiqa present Merchandise Protection which protects orders from accidental damage and theft.
Additionally, Product Liability Protection 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.
“At Igloo, our core mission revolves around facilitating easy, affordable, and convenient access to insurance products for consumers. We believe that insurance should be straightforward and accessible to everyone. In line with this commitment, our collaboration with Lazada has been carefully designed to ensure a seamless and hassle-free experience for individuals seeking protection for their online purchases,” Vea added.
Igloo’s partnership with Lazada is part of its goal to increase insurance penetration by offering microinsurance products designed to cater to the increasingly digital lifestyle of consumers in the Philippines and across the region.