As of 2021, the 82.3 million people in the Philippines using their mobile phones are vulnerable to the top two common causes of phone damage: dropping them on the ground, or unknowingly letting them fall from their pocket.
To protect the users from the considerable costs from these incidents, unified insurer Etiqa Philippines and Insurtech company Igloo collaborated to launch the gadget insurance for every Filipino.
Etiqa Philippines has been in the insurance industry for more than 40 years and takes pride in being one of the few players in the market with comprehensive insurance solutions for health, protection, investment and non-life insurance.
The new plans are now available online. New products like Cracked Screen Protection and Electronics Protection Plans can now be accessed through Shopee. Once a client purchases a mobile device or accessory through Shopee, they can easily top up or purchase the insurance before check out. The policy may then be activated via Igloo Portal.
Etiqa Philippines and Igloo representatives initiated a MOA signing attended by Etiqa PH President and CEO Rico Bautista; Etiqa EVP, Head of Group and General Insurance Glenn Navea, and Igloo Country Manager Mario Berta on April 22.
“The work from home and home school setup during the pandemic has allowed many to realize that gadgets are more than just status symbols. These devices have become a ‘new normal’ necessity for people to continue with their education, careers, businesses, and other activities,” Etiqa’s President and CEO Rico Bautista said.
“However, getting mobile insurance usually comes as the last thing in the buyers’ minds since they have often spent so much already on their phones. We understand their concerns and want our customers to have a safety net if, in case, an unfortunate incident occurs, and their gadget becomes damaged.”
These affordable phone protection plans underwritten by Etiqa Philippines are among their first of many efforts to dive into the insurtech world as part of their continuous dedication to offering unified life and non-life insurance products to Filipinos. In the insurance business for over 40 years, the company has built a good reputation for fast, prompt, and reliable service through life, health, and non-life insurance products.
“Etiqa is proud to partner with Igloo. Our values are aligned in offering insurance for every Filipino, and is emphasized in Etiqa’s Humanizing Insurance tagline. This collaboration is a good example of two innovative companies coming together to meet the changing needs of digital users today,” said Head of Group and General Insurance of Etiqa Glenn Navea. “We are offering some peace of mind to our customers through affordable phone and electronic protection products. They don’t need to worry that their gadget investments are not well taken care of beyond their warranty coverage."
To make it even more accessible to customers, other products from Etiqa and Igloo are available on GCash. GCash members can avail of Phone Screen Protect (PSP) and Full Phone Protection (360), an affordable phone protection plan under GInsure. Through GCash, members can purchase phone protection plans, view their policy, and file claims through the app.
With mobile phone users in the country reaching almost 90 million by 2025, the Etiqa Philippines-Igloo collaboration can save them both expense and anxiety. The falls that usually crack the electronic gadget’s screen are covered specifically by Cracked Screen Protection. Meanwhile, Electronics Protection and 360-degree phone and tablet protection covers not just your screen, but your entire device, against damages coming out of an accidental fall or spilling if liquid.
Users with mobile phones that are brand new or up to 18months old can avail of the Cracked Screen Protection and Electronics Protection, and/or file claims immediately and digitally through the Igloo Portal.With two options available, they may opt to either have the damage assessed and repaired in over 100 Igloo-accredited repair centers in the country or choose to have it repaired by a non-accredited repair center and file for reimbursement. Either way, they must pass through the easy–to-use Igloo portal before a repair is done. The portal will ask for submission and inputs of the gadget’s details, invoice, IMEI, receipt, and contact information. Only two claims can be filed during the policy period unless total loss.
Catering to Filipinos who are on a tight budget, phone screen protection plans range from P21 to P209 monthly or P230 to P2,410 annually, while 360-degree full phone and tablet protection plans range from P29 to P310 monthly or P329 to P3,590 annually. Through these plans, insured clients no longer need to worry about where they can have their damaged gadgets repaired. Nor do they need to put up using mobile phones with cracked screens due to a lack of budget for repairs.
“Making immediate replacement for damaged gadgets is impossible for many. However, mobile insurances might just be the best lifesaver for that,” Country Manager of Igloo Mario Berta said. “For a very affordable price and digital technology, our customers can go back to using their mobile phones without having their lives disrupted.”
Etiqa’s clients can enjoy simple, easy end-to-end customer experience made possible by digital platforms and technology. Cracked Screen Protection and Electronics Protection Plans are just the initial microinsurance products of Etiqa Philippines through its collaboration with insurtech startup Igloo.
For more information, visit Etiqa Philippines’ Facebook page.