Switzerland-based insurtech firm discovermarket has unveiled its entry into the Philippine market through a collaboration with Globe. The partnership aims to introduce embedded Personal Cyber Insurance, targeting Globe’s Platinum subscribers.
discovermarket specializes in embedded insurance solutions, catering to a wide spectrum of industries across Southeast Asia. Recognizing the escalating digital landscape in the Philippines, characterized by a thriving digital economy and an uptick in cyber threats, the company’s arrival marks a significant milestone in bolstering cybersecurity resilience among Filipino consumers.
The newly introduced cyber retail product, exclusive to Globe Platinum subscribers, offers coverage against online identity theft, online shopping fraud, and internet payment transactions fraud, up to P100,000 (approximately$1,740). Emphasizing a hassle-free, digital-first experience, the offering includes claims assistance services, ensuring comprehensive protection against malicious cyber-attacks.
“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,” said Patrick Bühler, CEO and founder of discovermarket. “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.”
Beyond immediate offerings, discovermarket aims to democratize insurance access, particularly among underserved segments, through low transaction costs and customizable embedded insurance solutions. Looking ahead, the company envisages an expanded footprint in the Philippines, with a focus on broadening Cyber Insurance offerings for both consumers and businesses while fostering financial inclusion through strategic collaborations.
“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,” said Mark Pasaylo, head and director – The Platinum Brand, Globe.