Insurance Asia Awards 2023-ETIQABusiness Features

Etiqa Philippines’ gadget insurance recognized anew

Etiqa Philippines’ innovative gadget insurance has once again proven its excellence by winning the title of “Insurtech Initiative of the Year” at the 2023 Insurance Asia Awards.

As a pioneering product, Gadget Protection marked Etiqa’s initial foray into embedded insurance, forging a crucial partnership with the digital insurance provider, Igloo, to collaborate with a major e-commerce platform.

Etiqa’s insurtech product initially gained recognition from the prestigious International Finance Awards (IFA) as the “Best Insuretech Initiative in the Philippines” for 2022.

Etiqa Philippines offers ‘Insure Now, Pay Later’ plan to consumers
Etiqa PH’s gadget insurance hailed as ‘Best Insuretech Initiative’

At its core, this regional insurer’s first gadget microinsurance aims to safeguard users of smartphones and other electronic devices from unexpected repair costs resulting from unforeseen incidents.

Highlighting the success of Etiqa’s venture into gadget insurance, it managed to generate 7 million new policies exclusively on Shopee by the end of 2022.

In light of the recent challenges in the insurance industry, the Insurance Asia Awards spotlights outstanding companies that have elevated their businesses to new heights through innovation and by offering unique solutions to their clients.

Recognizing successful endeavors

Established eight years ago, this program encompasses countries across the Asia Pacific region, celebrating the hard work, dedication, and creativity of both regional and country-level insurance companies that have risen to meet the evolving demands of this ever-changing industry.

Organized by a leading business information group based in Singapore, the nominees were evaluated by top-notch insurance leaders in Asia, based on specific criteria, including uniqueness and innovation, effectiveness and impact, and overall dynamism.

Rico Bautista, President and CEO of Etiqa Philippines, expressed their commitment to a mobile and digital-first approach, emphasizing the importance of securing the very gadgets that enable this digital transformation.

“We are honored to receive recognition from the Insurance Asia Awards for a product that has been transformative not only for our company but also for our fellow countrymen,” he stated. Bautista added, “As we continually seek new ways to utilize technology to enhance the customer experience, this award validates our efforts in championing insuretech to deliver seamless solutions and services to the industry and the entire country.”

Etiqa’s user-friendly and easily accessible gadget insurance, including Cracked Screen Protection and Electronics coverage, is readily available online and can be conveniently purchased just before completing the checkout of an electronic or mobile device on Shopee. Customers can easily top up or purchase insurance and activate policies through the Igloo Portal.