In a pioneering move within the Philippine eCommerce landscape, regional insurtech leader, Igloo, has joined forces with Lazada, the country’s leading online shopping platform, to unveil comprehensive protection plans for electronic devices, phone screens, and beauty products. This marks a significant milestone as Lazada introduces insurance coverage for online purchases, enhancing the overall consumer experience.
Igloo’s commitment to enhancing the online shopping journey through purchase protection products aligns seamlessly with this collaboration. Lazada, in tandem with Igloo, has introduced three specialized protection plans tailored for electronics and beauty products. These plans have been seamlessly integrated into the checkout process, providing customers with a unique insurance offering just before finalizing their payment.
“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. As the number of Filipinos engaging in online purchases continues to rise, it becomes increasingly imperative to provide them with protection throughout their entire shopping journey, extending support even after they’ve received their products,” according to Roberto Vea, Commercial Lead at Igloo Philippines.
The Electronic Protection and Gadget Protection products are designed to offer extensive coverage for a wide array of electronic devices, safeguarding against accidental and liquid damage, loss due to theft or robbery, and providing the added advantage of professional repair and service at authorized centers. Both products are underwritten by Etiqa Insurance. For non-electronic items, Igloo and Etiqa present the Merchandise Protection plan, offering protection against accidental damage and theft.
The collaboration introduces Product Liability Protection, specifically addressing adverse reactions to beauty products such as cosmetics, lotions, and bath essentials purchased on Lazada. Liberty Insurance underwrites this coverage, which includes protection against chemical burns and severe allergic reactions (anaphylaxis) resulting from product use. Consumers opting for this protection plan gain access to teleconsultations, medical reimbursements, and emergency hospitalization.
The partnership between Igloo and Lazada signifies a strategic move to increase insurance penetration by providing microinsurance products tailored to the evolving digital lifestyle of consumers in the Philippines and the wider region. With these innovative protection plans, Lazada aims to instill confidence in online shoppers, ensuring a secure and worry-free shopping experience for electronic and beauty product enthusiasts in the country.