Discovermarket partners with Globe to launch cyber insurance in Philippines

Discovermarket, an insurtech specialist, has announced its launch in the Philippines. This move is marked by a partnership with Globe, the nation's leading telecommunications firm, to introduce an embedded CyberInsurance product.

The Philippines has experienced a significant increase in cybercrime cases, with the first quarter of 2024 alone reporting 4,469 cases, up from 3,668 in the same period last year. This partnership aims to provide Globe's customers with greater protection against such threats. The new cyber retail product will cover online identity theft, shopping fraud, and internet payment transactions, with assistance services available for claims up to PHP ₱100,000.

Since its inception in 2021, Discovermarket has served over 200 million customers across Singapore, the Philippines, and Indonesia. The company's innovative platform has attracted ecosystem partners to build unique insurance products across various sectors, including telecommunications and hospitality. Notable collaborations include partnerships with hotel brands such as Sofitel and InterContinental to provide rain protection offerings for travellers in Singapore.

The new CyberInsurance product is specifically targeted at Globe's Platinum customers. The coverage will protect subscribers of Plans 3799, 4999, and 7999 from online identity theft, shopping fraud, and internet payment fraud up to PHP ₱100,000 (SGD $2,370/USD $1,740). The product will also include claims assistance services for cyber incidents.

Patrick Bühler, CEO and Founder of Discovermarket expressed excitement about the partnership, stating, "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."

Mark Pasaylo, Head and Director of The Platinum Brand at Globe, also commented, "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. The new embedded CyberInsurance products demonstrate Globe's commitment to ensure the safety of our subscribers' online presence, giving them peace of mind when they go about their various activities on their smart devices."

Discovermarket's core mission is to provide insurance products to underserved segments of the community. This is achieved through low transaction costs and offering affordable embedded insurance products, thereby improving accessibility. The company's marketplace-as-a-service platform functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions. Partners can select from a variety of brokers, insurers, and prevention providers to create diverse insurance propositions and customise their embedded insurance journeys.

Following the partnership with Globe, Discovermarket plans to expand its reach within the Philippines. While cyber products will remain a key focus, the company also intends to extend its CyberInsurance offerings to businesses. Additionally, Discovermarket is seeking opportunities to foster financial inclusion by collaborating with relevant ecosystem partners.

This strategic expansion into the Philippines is part of Discovermarket's vision to eliminate everyday worries through affordable insurance for everyone. It enables convenient access to insurance powered by its tech-fueled Marketplace-as-a-Service platform.