Manila, Philippines, April 5, 2024 – As part of its commitment to advancing financial inclusion and providing insurance for all, regional insurtech Igloo has partnered with consumer finance platforms in the Philippines to offer gadget protection products to shoppers. Igloo aims to extend access to insurance products and streamline the process of protecting items purchased through digital loans or alternative financing, whether online or in-store, providing consumers with a more accessible and convenient means to secure their purchases effectively.

“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked. This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans,” said Roberto Vea, Commercial Lead at Igloo Philippines. “This is why the consumer lending industry has risen by leaps and bounds–it caters to the needs of the unbanked population by providing alternative financial solutions such as digital loans that do not rely on traditional banking infrastructure."

Lower barriers to entry, competitive interest rates, and simplified application processes have facilitated Filipinos' access to crucial loan products, driving the popularity of installment financing and buy-now-pay-later (BNPL) schemes. BNPL, in particular, is forecasted to reach US$2.29 billion by 2024. Many of these loans are facilitated in physical retail outlets, offering consumers the flexibility to make purchases and arrange financing conveniently in-store.

"At Igloo, we firmly believe in being where we can impact consumers most. That’s why we partnered with leading digital lending companies Skyro and Salmon alongside Etiqa to develop a product designed to protect installment purchases and ensure accessibility wherever our customers are,” Vea explained. “Now, they can protect their purchases wherever they buy it–whether through online merchants or offline stores, we’re giving them the peace of mind they deserve.”

In partnership with Etiqa, Igloo has introduced innovative products like Gadget Protection, Loan Protect with Skyro, and Loan Protect with Salmon. Soon, Salmon, Etiqa, and Igloo will also launch Accidental Damage and/or Liquid Damage, along with Extended Warranty products. These offerings provide comprehensive protection for customers' purchases through consumer finance platforms.

These products provide extensive coverage for device repairs, replacements, and loan repayments in the event of unexpected incidents that impact the customer. These protection products are available in top mobile and appliance stores nationwide.

The process is simple: when a customer purchases a device, the insurance product is seamlessly integrated into the client's loan amount. This integration ensures that premium payments are effortless, hassle-free, and budget-friendly. 

Once the policy is active, Gadget Protection will step in if the consumer faces device issues requiring repairs or replacements. The policy covers the costs associated with these services, providing the customer with peace of mind and financial security.

“We are committed to our mission of providing ‘insurance for all’ and that includes safeguarding purchases made by an underserved sector because it offers a layer of financial protection that they may not otherwise have access to. We will continue to work with our partners to develop products that cater to the diverse needs of the people we serve,” Vea ended.

Learn more about Igloo’s products by visiting iglooinsure.com

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam, and Malaysia and tech centers in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. Igloo has partnered with over 70 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech, and financial services.

For more information, please visit https://www.iglooinsure.com/ 

The damage of getting your house razed by fire is insurmountable; fires at home can break out anytime and anywhere and can damage livelihood, household appliances and more. In 2018, the Bureau of Fire Protection (BFP) recorded a total of 14,316 incidents of fire from January until December. 

This is why every March is Fire Prevention Month in the Philippines, and BFP’s campaign for this month is safety consciousness among our people every day of the year as a positive preventive approach to a problem that can be solved by more caution, vigilance, sobriety, exercise of common sense and respect for the law.” It is a campaign that focuses on exercising vigilance at home and keeping oneself knowledgeable on the best way to protect your home and family from destruction brought about by fire. 

“Cebuana Lhuillier has always committed to be of help to the Filipinos at all times, and our call for Fire Prevention is a reflection of that, our insurance products that aims to keep our clients protected at all times is a complementary effort to our advocacy for this month.” said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.

PJ Lhuillier’s insurance arm, the Cebuana Lhuillier Insurance Brokers, Inc (CLIB), has also expressed its support for BFP’s campaign through the years. It has been a staunch advocate of having Filipinos insured, posting almost a 35% contribution to the total number of insured Filipinos through microinsurance. CLIB has also worked together closely with the Insurance Commission in promoting microinsurance in the country, they have settled over more than 5,300 million claims worth over Php 500 million  they have serviced  over 16,500 claimants. Cebuana Lhuillier Insurance Brokers’, Inc. is also the first and only ISO-certified insurance broker in the Philippines.

Also launched this month in conjunction with the celebration of the Fire Prevention Month is a promo dubbed “Panalo ka sa ProtectMax” where clients of the ProtectMax product of CLIB get a chance to win Php 25,000. The promo is open to all clients who will purchase 5 ProtectMax COCs; these 5 COCs are equal to e-raffle entry. For the promo, 20 lucky raffle winners will be selected and will win Php 25,000. 

“This Fire Prevention month, it is very important to drumbeat awareness on fire safety and prevention, and the importance of being protected. CLIB believes that an information and education drive is very important to ensure that everyone is well-informed against conflagration.” said Cebuana Lhuillier Insurance Brokers’ Inc., Jonathan Batangan.

For clients who are interested to keep themselves protected without having to go to Cebuana Lhuillier’s more than 2,500 branches, they may purchase Home Insurance via the ProtectNow app or website, just log on to protectnow.com to see CLIB’s full range of products online.

They’ve also mounted the #SunogFreeWorryFree: ProtectMax Kontra Sunog webinar which aims to highlight the importance of being ready for untoward situations especially fire, and the importance of having protection whenever there are threats of conflagration.