Axinan arrives in the Philippines, insurance for smartphones

In partnership with Mercantile Insurance Co., Singapore-based insurtech firm Axinan has just expanded its presence in the Philippines.

Phone Screen Protection for my OnePlus 7 Pro

Insurance for your phones!

Axinan, underwritten by Mercantile, introduced mobile phone protection solutions under its consumer brand igloo.

The product is dubbed as Mobile 360. With Mobile 360, consumers can enjoy phone protection for its screen, camera, battery, accidental and liquid damage protection.

The risk covered by Axinan are the following:

• Screen crack, screen damage, LCD damage
• Accidental and liquid damage
• Battery, camera, parts

It is on top of the regular warranty that your phone has and most of the time, your phone's warranty doesn't cover the above-mentioned physical damages.

And based on the study by SquareTrade in November 2018, 66 percent of smartphone owners have damaged their phones last year. Cracked screens were the most common type of damage (29 percent), followed by scratched screens (27 percent), and non-working batteries (22 percent) for the top 3 spots.

How to get your phone insured by Axinan?

The igloo mobile app

1. Download the "igloo philippines" mobile app on your smartphone.

2. Open the app and it will automatically detect the phone you are using and the plans available for it.

3. Select the insurance plan for your phone that you want (Phone Screen Protection and 360 Phone Protection).

4. Browse and choose the plans.

5. Pay for it via credit or debit card.

6. Wait for your application to be processed (24-hour activation approval).

Price and availability

Phone screen protection has a starting price of PHP 890. The 360 Phone Protection with coverage for a cracked screen, battery, water damage, and more starts at PHP 1,890.

The company allows 2 repairs or 1 replacement per year.

Currently, the service is available in Metro Manila. Int he near future, it will be available nationwide.

In our interview, the company said that it is also planning to introduce insurance to other devices such as tablets, laptops, cameras, and more.

The company could also introduce other easy payment options such as PayMaya and GCash.

The Philippines insurance industry has shown positive growth in recent years as the country’s economy grows. The overall net income of the non-life insurance sector grew by 9.76 percent from 2016 to 2017. While the segment is smaller than the life segment, there are considerable growth opportunities due to the low levels of penetration and the potential for fintech to boost growth. With our partnership with Mercantile who understands the local non-life insurance segment deeply, we believe that there will be more of such solutions from igloo by Axinan and this is just a start to our goal in providing a variety of digital solutions in the insurance space, said Wei Zhu, Founder and CEO, Axinan.

What do you guys think?