Discovermarket Insurtech Launches New Services in Philippines

discovermarket starts its operations in the Philippines by partnering with Globe Telecom to launch its embedded Personal Cyber Insurance product.

Discovermarket Insurtech Launches New Services in Philippines

discovermarket, a global insurtech company headquartered in Switzerland, with a strong presence across Southeast Asia, on May 21 announced its launch in the Philippines.

The firm partnered with Globe Telecom Inc. – the leading full-service telecommunications company in the Philippines, to kickstart the launch of its embedded Personal Cyber Insurance product in the country.

Following the partnership with Globe, discovermarket aims to expand its Cyber Insurance offerings in the Philippines for not just end consumers, but businesses as well.

Along with the exponential growth in mobile and web users and the overall digital economy in the Philippines, cybercrime cases also rise. In the first quarter of 2024 alone, there were 4,469 cases reported, compared to 3,668 cases in the same period last year 

Globe has been actively boosting its cybersecurity capabilities. The fresh partnership with discovermarket enables the company to provide unique insurance products for their core connectivity customers within an innovative embedded solution.

The new product covers new and recontracting Globe’s Platinum customers who hold Plan 3799, Plan 4999, and Plan 7999 from online identity theft, online shopping fraud, and internet payment transactions fraud up to PHP 100,000. In case of a cyber incident, the customers can also expect claims assistance services. 

Founded in 2021, discovermarket provides embedded insurance solutions to over 200 million customers from various industries e.g. hospitality, agriculture, and telecommunications. discovermarket’s marketplace-as-a-service platform also functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions from a variety of brokers, insurers, and prevention providers.

“Having this partnership with Globe has been a great privilege for us. 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. 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.” 

Patrick Bühler, CEO and Founder of discovermarket

The insurtech’s embedded solution can bring additional value to Globe’s subscribers without a hefty payment on top. One of the top priorities for discovermarket is to provide insurance products to the underserved segments. The firm achieves this goal by tapping into affordable market sectors and keeping transaction costs low.

As part of embedded finance, embedded insurance solutions are among the Latest Trends in Fintech Innovation.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.