Insurtech urges caution against fraud amid busy shopping season

Consumers in the region contribute to a US$123 billion e-commerce industry

Insurtech urges caution against fraud amid busy shopping season

Insurance News

By Kenneth Araullo

As the holiday shopping season commences, Singapore-based insurtech Igloo has encouraged shoppers to be on guard with regards to online shopping security, particularly in Southeast Asia.

This initiative is crucial given the substantial growth in e-commerce, which has become a major revenue source for retailers. Igloo said that it aims to safeguard consumers who contribute to the region's US$123 billion e-commerce industry.

Asia Pacific suffered an estimated $700 million in fraudulent sales last year, highlighting the risks associated with the increase in online sales. Igloo's response involves developing comprehensive solutions to protect online shoppers, covering all stages of their buying experience, including checkout and post-purchase support.

The Insurtech has also collaborated with major e-commerce platforms such as Lazada and Shopee to integrate insurance options directly into the shopping process, allowing consumers to opt for protection at the point of checkout.

The company also acknowledged the surge in electronic device sales, particularly smartphones, during this season. Recognising the dependence of consumers on smartphones for daily activities, Igloo has extended its insurance coverage to these devices.

Collaborations with Lazada in Thailand, Malaysia, and the Philippines, and partnerships with smartphone brands like OPPO and realme, have enabled Igloo to offer screen protection, accidental warranties, and extended warranties for smartphones. Shoppers on Shopee and DANA also have the option to secure their gadgets at the time of purchase.

“As we celebrate during the shopping season, we hope to provide shoppers with peace of mind, knowing that their mobile phones and gifts purchased for their loved ones are protected,” said Raunak Mehta, co-founder and CEO of Igloo. “With the goal of making microinsurance accessible in Southeast Asia, we will continue to find the right partners and extend our offering to more customers.”

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