Regional insurtech Igloo encourages consumers to take extra caution when shopping online amid the rising cybersecurity threats in Southeast Asia (SEA).
Igloo offers various insurance products, including gadget protection and online shopping Insurance.
“With the increase in the number of online sales comes the heightened risk of fraud. In Q4 of last year, Asia Pacific saw an estimated $700 million of fraudulent sales,” said Raunak Mehta, co-founder and CEO of Igloo. “Consumers expect businesses to protect them while shopping online. There’s a growing demand for safety and assurance measures, in line with more demand for general cybersecurity.”
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Igloo underscores importance of shopping insurance
Online Shopping Insurance safeguards customers against online shopping fraud and scams such as undelivered goods, uncontactable sellers, partial delivery, and fake goods. The Online Shopping Insurance starts at P15/month ($ 0.27) for coverage of up to P150,000 ($ 2,733).
Igloo also works with large e-commerce platforms to provide embedded insurance, where consumers can purchase protection from the platform itself at checkout.
Igloo also recognizes the need to insure these prized possessions. The insurtech collaborates with multiple leading retailers across the region to insure smartphones. Consumers shopping for gadgets and smartphones on e-commerce platforms can also purchase protection directly at checkout.
“As we celebrate during the shopping season, we hope to provide shoppers with peace of mind, knowing that their mobile phones and gifts purchased for their loved ones are protected,” said Mehta. “With the goal of making microinsurance accessible in Southeast Asia, we will continue to find the right partners and extend our offering to more customers.”