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Etiqa, Anycover to offer embedded insurance
Southeast Asia market largely underpenetrated, opportunity to meet demand digitally
The Asset 22 Mar 2024

Etiqa Insurance Singapore and Singapore-based insurtech Anycover have partnered to provide embedded accidental damage and extended warranty protection across Southeast Asia, including Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam and Hong Kong, and to Australia and South Korea.

Embedded product protection is a largely underpenetrated market in Southeast Asia, and there is significant opportunity to meet the demand, particularly as high-value users, which are defined as the top 30% of online spenders, are increasingly looking for assured product quality when making online purchases.

The collaboration comes at a time when e-commerce in Southeast Asia is projected to reach US$280 billion in gross merchandise value by 2027, according to Meta and Bain & Company, while insurance penetration remains low at less than 2%, according to Swiss Re.

This partnership aims to bring together each firm’s strengths to offer insurtech solutions enabling small and medium-sized online merchants to seamlessly add insurance and product protection offerings to their customer journeys.

The goal, the companies say, is to make it easier for shoppers to buy product protection at the point of sale for a range of product categories, including consumer electronics, electronic gadgets, household appliances, indoor furniture, optics and sports equipment.

The insurer, which has a presence in multiple Southeast Asian markets, will bring its regional presence, underwriting capabilities and experience in digital insurance distribution to the partnership.

The fintech’s solutions, which include plug-and-play integrations with all major e-commerce platforms and a digital claims chatbot for consumers, will help transform protection products into digital experiences.

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