SEA Insurtech Igloo partners Thai Paiboon Insurance to offer personal cyber insurance
- Insurtech startup Igloo partners Thai Paiboon Insurance (TPB) under Thai Life Group - one of Thailand’s most established insurance companies to launch affordable Personal Cyber Insurance product from as low as THB 1 per day
- The policy covers both common cyber crimes such as theft of fund, identity theft, cyber bullying, cyber extortion and new lifestyle-induced activities such as fraudulent online purchase, smart home cyber hacks
- The insurance policy is now available through TPB’s partners such as Siam Commercial Bank (SCBM) at department stores under The Mall Group: The Emporium, The Emquartier and Siam Paragon (except The Mall Korat and Blue Port Hua Hin)
Southeast Asia's leading insurtech, Igloo, has announced its first-ever partnership with Thai Paiboon Insurance (TPB), the non-life insurance under Thai Life Insurance Group, to launch Personal Cyber Insurance products that protects both new and old generation types of cybercrimes. The policy, which has been validated by the Office of Insurance Commission (OIC), Thailand's insurance regulatory board is now available to customers through TPB’s partners such as SCBM at department stores under The Mall Group: The Emporium, The Emquartier and Siam Paragon (except The Mall Korat and Blue Port Hua Hin). Understanding the Thais' lifestyle changes, Igloo collaborated with TPB in developing the personal cyber insurance product to cater to the risks of cybercrimes in Thailand. The Thai Computer Emergency response team saw at least 2250 cybercrimes in Thailand in 2020, with internet usage expected to grow in the country.
Individuals can select from three different plans catered to individuals or a family of up to four members starting from THB 371 per year or about THB 1 per day. The policies include the regular cyber insurance coverage such as unauthorized fund transfer from digital transactions, credit card fraud, e-wallet and identity theft, cyber extortion, cyberbullying incidents. It also includes coverage for new cybercriminal activities due to increased online shopping and smart home installation, resulting in compromising of home security.
Mr. Raunak Mehta, Chief Commercial Officer of Igloo, said, "Habits can be influenced by many factors – both internal and external environments. With the help of technology such as Machine Learning, Big Data and Artificial Intelligence, Igloo looks to create the necessary solutions to adapt to people's ever-changing needs. We believe that as a technology enabler, Igloo can work with the partners in the industry to come together to create adaptive policies that are most important to the people today."
With an internet economy that is projected to reach US$53 billion in 2025, Thailand remains one of the top digital economies in Southeast Asia, with digitalization accelerated by the pandemic. During worldwide lockdowns, Thais spent an average of 4.6 hours per day online, using the internet for digital transactions such as online shopping, food delivery, e-payments and socializing purposes. This increases the risks of them falling victim to cybercrimes including frauds, circulation of malware, online shopping fraud – cyber crimes which remain prominent in Thailand.
Ms. Chancharas Chantarakarn, Thailand Country Manager of Igloo, shared, "Cybercrimes will become more and more sophisticated day by day. While we can have preventive controls in place, there is no guarantee that anyone will not fall victim to cybercriminals' vicious acts. Our partnership with Thai Paiboon Insurance allows Igloo to create an insurance offering that will help keep losses to cybercrimes to the minimum."
“By using Igloo’s technology, we are able to digitize the consumer journey, allowing our clients to better engage and onboard their customers. Being a one-stop-solution for insurance-related activities, policy holders can also easily locate their e-policy and initiate a claim process directly online through Igloo’s customer portal. The hassle-free approach offers the much needed peace of mind especially after a bad encounter like a cyber attack, ,” added Mr. Eugene Foong Jun Seong, Managing Director of Thai Paiboon Insurance Plc.
Igloo first entered Thailand through its partnership with foodpanda Thailand in September last year, launching PandaCare to protect delivery riders as they go about their daily hustle at the height of the pandemic. Since 2016, the Insurtech firm has sold 100 million policies across Singapore, the Philippines, Indonesia and Thailand and it has worked with commercial partners such as Bukalapak, Shopee, RedDoorz, Union Bank of the Philippines, and insurance partners such as Allianz, Cigna, MSIG, Sompo Insurance and PetroVietnam Insurance, to name a few, to diversify its product offerings. This year, Igloo is planning to launch the Personal Cyber Insurance product across Southeast Asia, as part of its efforts to protect the region which saw 400 million digital users in 2020.
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