In a move to provide accessible and affordable insurance, regional insurtech Igloo has partnered with the Philippines’ largest mobile network, Smart, to offer phone protection plans to Smart’s 55 million subscribers.
This partnership underscores Igloo’s mission to democratize access to device protection for Filipinos. With 59.4 million smartphone users in the country in 2024, expected to grow to 91 million by 2028, the need for comprehensive and affordable protection plans is evident.
“In the Philippines, 84.4% of the population own smartphones, and individuals spend nearly four hours daily on social media, well above the global average of two and a half hours. As a highly connected and social nation, the importance of these devices for communication, productivity, and entertainment is undeniable,” said Roberto Vea, Commercial Lead at Igloo Philippines.
Smart subscribers will have exclusive access to Phone Protect, which offers coverage against accidental and liquid damage under the Basic tier, and additional protection against theft and robbery under the Plus tier.
Plans start as low as PHP 125 for one year of coverage, making it one of the most affordable and comprehensive gadget care products in the market. The insurance plan integrates seamlessly into the checkout process, ensuring transparency and ease for customers.
“We’re excited to expand access to device protection products with Smart, as it aligns with our goal to democratize and enhance the experience of protecting your devices. We’ve worked to make every aspect—from customer experience to pricing, coverage, purchase, and claims—easy and convenient. Partnering with Smart allows us to reach the widest possible audience,” Vea explained.
Igloo’s partnerships have significantly impacted the insurance market in the Philippines, with over 15.8 million policies sold since January 2023. Igloo collaborates with various sectors, including consumer finance and e-commerce, to provide tailored insurance solutions.
Recent partnerships include collaborations with Skyro and Salmon to provide protection for the underbanked segment and a pilot initiative with Growsari to offer financial assistance to over 200,000 sari-sari stores in case of natural calamities.
“At Igloo, we believe that to provide insurance tailored to the needs of its market, partnerships are crucial in enabling broader audience reach while offering diverse coverage options. With our partners, we can continuously improve and innovate our offerings to serve as many people as possible,” Vea said.
Igloo’s collaboration with Smart and other partners is part of its broader mission to expand its reach across Southeast Asia, aiming to provide innovative insurance solutions to nearly 700 million people in the region.
