Swiss Insurtech Firm Partners with Globe to Enter the Philippine Market

June 2024

Swiss-based insurance technology (insurtech) firm discovermarket has announced its entry into the Philippine market through a partnership with Globe, aiming to introduce embedded Personal Cyber Insurance to the telco’s subscribers. This brand collaboration is envisioned to enhance cybersecurity resilience for Filipino consumers, addressing the growing digital economy and rising cyber threats.

The Swiss insurtech firm specializes in embedded insurance solutions across various industries in Southeast Asia. The new product aims to offer coverage up to PHP 100,000 (USD 1,740) against online identity theft, online shopping fraud, and online payment transaction fraud. It intends to provide a seamless digital experience and to include claims assistance services for comprehensive cyber-attack protection.

Moreover, the strategic alliance intends to democratize insurance access, particularly within underserved segments, by leveraging low transaction costs and customizable solutions. The Swiss insurtech plans to expand its cyber insurance offerings in the Philippines and promote financial inclusion through strategic partnerships.

This initiative reflects a growing demand for cybersecurity and tailored solutions in the Philippines. As digital threats continue to evolve, the joint venture is expected to bolster the cybersecurity landscape in the country, offering robust protection for an increasingly digital-savvy population.

(Source: Insurtech Insights; Business World Online)

Our Services

Orissa International provides consulting services to companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 distributors, resellers, and system integrators, built through advising and guiding more than 5,000 companies with their market expansion into Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines over the last 25 years.