Singapore’s Igloo partners with e-commerce platforms for a safer shopping season
The influx of online shopping activity can lead to fraud and cybersecurity threats.
Singapore-based insurtech startup, Igloo, implemented initiatives to fight cybersecurity threats that Southeast Asian consumers may face during the upcoming busy shopping season.
With the influx of online shopping activity comes the emergence of online criminals and fraudulent transactions. As a response, Igloo offers a range of people-first services and digital solutions to protect e-commerce retailers and shoppers throughout their purchase journey.
Currently, the insurtech has strategically partnered with apps like GCash, Shopee, and DANA to expand protection to its users. The former offers Online Shopping Insurance, starting at P15/month (US$0.27) for coverage of up to P150,000 (US$2,733).
Igloo has also partnered with major e-commerce platforms Lazada and Shopee for the addition of embedded insurance, wherein users can purchase protection during their checkouts. This is especially strategic with the surge of online sales of smartphones and electronic devices (having peaked in Q4 2021 and 2022).
For smartphone companies, Igloo has struck deals with brands like OPPO and realme for the improvement of screen protection, accidental warranties, and extended warranties of their products. Smartphone buyers on Shopee and DANA can also choose add-on insured protections for their orders at checkout.
“With the increase in the number of online sales comes the heightened risk of fraud. In Q4 of last year, Asia Pacific saw an estimated $700 million of fraudulent sales. Consumers expect businesses to protect them while shopping online. There’s a growing demand for safety and assurance measures, in line with more demand for general cybersecurity,” Raunak Mehta, Co-Founder and CEO of Igloo, said.