Igloo and Lazada unveil protection plans for electronics, phone screens, and beauty products in the Philippines - a first for the e-commerce platform in the country

● Igloo and Lazada have collaborated to provide customers in the Philippines with comprehensive protection for their purchases

● For the first time, Lazada PH customers can now avail protection plans for select products upon checkout

● Beauty and personal care products (47% of all online purchases) alongside consumer electronics (35%) are among the top online retail categories in the Philippines

● A fourth product, accidental and liquid damage protection for non-electronics, will be available in December

MANILA, PHILIPPINES, 4 March 2024– Regional insurtech Igloo has partnered with leading e-commerce platform Lazada to offer Filipino shoppers protection plans for their online purchases. This is part of Igloo’s continued mission to improve the online shopping experience through purchase protection products.

“E-commerce is a fast-growing industry in the Philippines and it’s safe to say that more and more Filipinos have embraced online shopping as a fast and convenient way to access a diverse range of products and services. There are currently 38.9 million e-commerce shoppers in the Philippines, a number that is expected to reach 55.8 million by 2025. Of these, approximately 25% of Filipinos who shop online do so at least once a month,” said Roberto Vea, Commercial Lead at Igloo Philippines. "As the number of Filipinos engaging in online purchases continues to rise, it becomes increasingly imperative to provide them with protection throughout their entire shopping journey, extending support even after they've received their products."

In collaboration with Igloo, Lazada has introduced three comprehensive online shopping protection products tailored for its electronics and beauty products. These protection plans are seamlessly integrated into the checkout process. Before finalizing their payment, customers will be presented with a tailored insurance plan specific to the item they are purchasing. This includes a transparent display of the associated premium, ensuring a clear understanding of the additional cost that will be integrated into their total transaction.

The Electronic Protection and Gadget Protection products ensures extensive protection for all kinds of electronic products and gadgets. from accidental and liquid damage, as well as loss due to theft or robbery, along with the added benefit of professional repair and service at authorized centers. Both products are underwritten by Etiqa Insurance. Specifically for non-electronic products, Igloo and Etiqa present Merchandise Protection which protects orders from accidental damage and theft.

Additionally, Product Liability Protection addresses adverse reactions to beauty products (cosmetics, lotions, bath essentials) purchased on Lazada. Underwritten by Liberty Insurance, coverage encompasses protection against chemical burns and severe allergic reactions (anaphylaxis) resulting from product use. Consumers availing of this product gain access to teleconsultations, medical reimbursements, and emergency hospitalization.

“At Igloo, our core mission revolves around facilitating easy, affordable, and convenient access to insurance products for consumers. We believe that insurance should be straightforward and accessible to everyone. In line with this commitment, our collaboration with Lazada has been carefully designed to ensure a seamless and hassle-free experience for individuals seeking protection for their online purchases,” Vea added.

Igloo’s partnership with Lazada is part of its goal to increase insurance penetration by offering microinsurance products designed to cater to the increasingly digital lifestyle of consumers in the Philippines and across the region. 

Igloo is a regional full-stack insurtech firm headquartered in Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam, and Malaysia and tech centers in China and India.  With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. It has partnered with over 75 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech, and financial services. Recognized by the industry for its innovations and expertise in its space, Igloo was named ‘Insurtech of the Year’ in the 2023 Asia Fintech Awards.

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