Insurtech company Igloo’s partnerships with consumer finance platforms in the Philippines enable consumers to avail themselves of gadget protection products. The collaborations aim to widen access to insurance products and simplify the process of safeguarding items purchased through digital loans or alternative financing methods, both online and offline.
“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked,” said Roberto Vea, commercial lead at Igloo Philippines. “This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans.”
Vea noted that consumer lending, particularly through digital loans, has emerged as a vital alternative, catering to the needs of the unbanked.
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The popularity of installment financing and buy-now-pay-later (BNPL) schemes has surged in the Philippines, with BNPL transactions expected to reach $2.29 billion by 2024. Recognizing this trend, Igloo has partnered with leading digital lending companies Skyro and Salmon, alongside Etiqa, to develop innovative products such as Gadget Protection and Loan Protect.
Insurance for all
These offerings provide comprehensive coverage for device repairs, replacements, and loan repayments in the event of unexpected incidents. The integration of insurance products into loan amounts ensures seamless premium payments for customers, enhancing accessibility and peace of mind.
“We are committed to our mission of providing ‘insurance for all’,” Vea said. “Our partnership with consumer finance platforms underscores our dedication to safeguarding purchases made by underserved sectors, offering a layer of financial protection previously inaccessible to many.”
Through this collaboration, Igloo aims to extend the reach of its protection products and continue developing solutions tailored to the diverse needs of consumers across the Philippines.