Categories Gadgets

Lazada partners with Igloo to offer insurance plans for gadgets, accessories

E-commerce platform Lazada has tapped insurtech Igloo to introduce protection plans for electronics, phone screens, and beauty products in the Philippines.

The collaboration between Igloo and Lazada aims to safeguard purchases made online and is indicative of insurtech’s commitment to enhancing consumer confidence in e-commerce transactions.

“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,” said Roberto Vea, commercial lead at Igloo Philippines.

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Vea noted that as the number of Filipinos engaging in online purchases continues to rise, it becomes increasingly important to provide consumers with protection throughout their entire shopping journey, extending support even after they’ve received their products.

Through its partnership with Igloo, Lazada will offer three comprehensive protection products tailored for electronics and beauty items. These protection plans seamlessly integrate into the checkout process, allowing customers to select the appropriate coverage before completing their purchase. The transparent display of premiums ensures clarity regarding additional costs.

Insurance plans

• The Electronic Protection and Gadget Protection plans offer coverage for various electronic products against accidental damage, liquid damage, theft, and loss.
• The Merchandise Protection plan safeguards non-electronic products from accidental damage and theft. These plans are underwritten by Etiqa Insurance, providing consumers with peace of mind and professional repair services when needed.
• The Product Liability Protection plan addresses adverse reactions to beauty products purchased on Lazada, offering coverage for chemical burns and severe allergic reactions. Underwritten by Liberty Insurance, this plan includes teleconsultations, medical reimbursements, and emergency hospitalization, enhancing consumer safety and confidence in purchasing beauty products online.

“At Igloo, our core mission revolves around facilitating easy, affordable, and convenient access to insurance products for consumers,” Vea said. “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.”