Regional insurtech Igloo has teamed up with popular e-commerce platform Lazada to provide Filipino shoppers with protection plans for their online purchases. This collaboration is part of Igloo’s ongoing mission to enhance the online shopping experience through purchase protection products.

Roberto Vea, Commercial Lead at Igloo Philippines, commented, “E-commerce is a rapidly growing industry in the Philippines, and it’s safe to say that more and more Filipinos have adopted 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.”

As the number of Filipinos engaging in online purchases continues to rise, it becomes increasingly important to provide them with protection throughout their entire shopping journey, 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, including a transparent display of the associated premium.

Igloo and Etiqa present the Electronic Protection and Gadget Protection products, which provide extensive protection for all kinds of electronic products and gadgets from accidental and liquid damage, as well as loss due to theft or robbery. Both products also offer professional repair and service at authorized centers.

For non-electronic products, Igloo and Etiqa offer Merchandise Protection, which protects orders from accidental damage and theft.

Product Liability Protection, underwritten by Liberty Insurance, addresses adverse reactions to beauty products (cosmetics, lotions, bath essentials) purchased on Lazada. Coverage includes 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.

Vea added, “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.”

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.