Mobile device damage can be frustrating, inconvenient, and costly for users. As of 2021, the Philippines’ 82.3 million mobile phone users are exposed to the top two prevalent causes of phone damage: dropping them on the ground or inadvertently letting them fall from their pocket. To safeguard consumers from the significant costs associated with these accidents, unified insurer Etiqa Philippines and Insurtech firm Igloo teamed up to create device insurance for every Filipino.
Etiqa Philippines has been in the insurance industry for over 40 years and is proud to be one of the few market participants offering comprehensive insurance solutions for health, protection, investment, and non-life insurance.
The new plans are not just Etiqa’s most economical insurance option, but they are also now available online. Shopee now offers new items such as Cracked Screen Protection and Electronics Protection Plans. When a customer buys a mobile device or accessory on Shopee, they can effortlessly top-up or purchase insurance before checking out. The policy can then be activated through the Igloo Portal.
On April 22, Etiqa Philippines and Igloo representatives launched a Memorandum of Understanding signing, which was 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.
“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 low-cost phone protection plans underwritten by Etiqa Philippines are among their first of many forays into the insurtech industry as part of their ongoing commitment to providing Filipinos with unified life and non-life insurance products. For over 40 years, the company has earned an excellent reputation for providing rapid, prompt, and dependable 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 the country’s mobile phone user base expected to reach over 90 million by 2025, the Etiqa Philippines-Igloo alliance might save them both money and stress. The falls that typically crack the screen of an electronic device are expressly protected by Cracked Screen Protection. Meanwhile, Electronics Protection and 360-degree phone and tablet protection protect not just your screen, but your entire device, against harm caused by an accidental fall or liquid spill.
Users with brand new or up to 18-month-old mobile phones can take advantage of the Cracked Screen Protection and Electronics Protection, as well as file claims instantly and digitally through the Igloo Portal. They have two options: have the damage examined and fixed in one of the country’s approximately 100 Igloo-accredited repair centers, or have it repaired by a non-accredited repair center and file for compensation. In either case, they must travel through the simple Igloo gateway before a repair can be completed. The portal will request the submission of the device’s details, invoice, IMEI, receipt, and contact information. Unless there is a catastrophic loss, only two claims may be lodged throughout the policy period.
Phone screen protection plans for Filipinos on a tight budget vary from P21 to P209 monthly or P230 to P2,410 yearly, while 360-degree full phone and tablet security plans run from P29 to P310 monthly or P329 to P3,590 annually. These plans relieve insured clients of the burden of determining where they can have their damaged electronics fixed. They also do not have to put up with mobile phones with broken screens due to a lack of repair funds.
“Immediate replacement for broken equipment is impossible for many people.” “However, mobile insurances may well be the perfect lifesaver for that,” stated Mario Berta, Country Manager of Igloo. “At a very low cost and using digital technology, our consumers can resume using their mobile phones without having their lives disrupted.”
Etiqa’s clients can benefit from a clear, straightforward end-to-end customer experience made possible by digital platforms and technology. Cracked Screen Protection and Electronics Protection Plans are Etiqa Philippines’ initial microinsurance products developed in conjunction with insurtech company Igloo.
