Etiqa Philippines’ insurance plan for mobile phones and electronic devices won the International Finance Awards (IFA) Best Insuretech Initiative in the Philippines for 2022. Gadget Protection is Etiqa’s first venture into embedded insurance with major e-commerce platforms that protects smartphones and other electronic devices users from unexpected repair costs brought about by unwanted incidents.
“We remain steadfast in our commitment to make insurance simple, accessible, and affordable to Filipinos – and to keep innovating through new types of insurance products. Etiqa Gadget Protection is a result of the thrust to explore opportunities and solutions in insurtech. This recognition from International Finance Awards cements our belief that we are in the right direction,” Rico Bautista, president and CEO of Etiqa Philippines, said about the highly regarded global business and finance award-giving body that recognizes industry talent, leadership skills, industry net worth, and capability on an international platform.
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As the Philippines earned the title of the most mobile phone-dependent country in Asia, these gadgets have become essential devices for most Filipinos. Despite this demand, smartphones’ prices have continued to soar in the country to a level that has started ranking as an investment, one that needs protection through insurance.
To cater to the tech-savvy market that invests in electronic devices and mobile phones, Etiqa, together with insurtech company Igloo, created pocket-friendly, accessible, and straightforward gadget insurance. Cracked Screen Protection and Electronics are readily available online and can be availed immediately before checking out an electronic or mobile device through e-commerce sites. They can easily top up or purchase the insurance before checking out and activate the policy via the Igloo Portal. Affirming Etiqa’s successful venture to gadget insurance are the 7 million new policies generated in Shopee alone in 2022.
For the same product, GCash e-wallet holders can avail themselves of Phone Screen Protect (PSP) and Full Phone Protection (360) via an affordable phone protection plan under GInsure for as low as P50 annually. To make it even more convenient and purely digital, clients can purchase phone protection plans, view their policies, and file claims directly through the app.
Etiqa is on a constant quest to discover emerging insurance needs and risks that require new solutions via digitalization.
“To add, one of the tech-driven transformations that helped us streamline the insurance processes last year is the launch of the Letter of Guarantee (LOG) Portal. This has substantially sped up the process of requesting LOG for scheduled medical consultations, without calling our hotline. We have recorded a significant improvement in our response time by 600%, resulting in 90% customer satisfaction. As a bonus, it also landed us a Customer Service Initiative of the Year- Philippines recognition from Insurance Asia Awards 2022,” Bautista said.
With the mission of making the Philippines a better place, Etiqa Philippines ensures that it will continue being a significant player in the insurance industry by offering life and non-life insurance products and leveraging technology to improve service to its customers. Believing that insurtech and health tech can accelerate the wave of growth in the industry, Etiqa intends to lead and contribute by utilizing its composite license, involving the network of 30,000 doctors and 1,600 accredited clinics all over the country, and aligning with its local and international partners and collaborators.