THE growing adoption of the internet from electronic commerce to social media to distance learning has provided opportunities for growth and development even during the more recent bouts of lockdowns and stay-at-home measures. But those optimistic prospects have perennially come with risks of virus attacks and financial scams as well as personal abuse in the form of cyberbullying and identity theft that are often not properly dealt with.
To provide protection against cybercrimes ranging from online fraud to cyberbullying and identity theft, FPG Insurance, a major player in the non-life insurance industry in Asean, is introducing in the Philippines its latest innovative solution called “MyCyberProtect Mate.” The company, known for its long-standing reputation for dynamic, customer-focused engagement, is expected to extend an extraordinary level of service as it has shown in its extensive insurance portfolio.
Sharon Navarro, chief underwriting officer, FPG Insurance Co. Inc, said, “We know that Filipinos are very active in social media, online shopping and banking, which makes them vulnerable even exposed to cyber risk. To which, we want to offer them protection with “MyCyberProtect Mate.”
MyCyberProtect Mate insurance solution comes with the following features:
– On online purchases. Insurance claim on items bought online that have not been delivered to the customer at all.
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– On internet payment scams. Covers financial losses arising from unauthorized transfer of funds to online bank accounts, e-wallets, or credit/debit cards caused by phishing and social engineering, pharming, malware, and fraudulent electronic fund transfer.
– On identity theft. Compensation to recover, for example, public records in the course of processing a new passport and other related documents.
– On cyberbullying. Financial assistance for psychological consultation, relocation costs, online reputation restoration, and legal expenses of the insured bullied, provided the incident is reported within 72 hours of discovery.
– 24/7 assistance services. Round-the-clock hotline manned by dedicated cybersecurity experts who are ready to provide support to the insured.
Navarro further explained that the customer will just have to call the 24/7 call assistance hotline to inform them about the issue. The customer will then be guided through the process to immediately secure the customer’s e-accounts and the claim documents that need to be prepared and submitted.
The FPG Insurance executive also highlighted that FPG wants to provide assistance to victims of cyberbullying through reimbursement of costs for psychological consultation. In which case, “MyCyberProtect Mate” will become both a defense and offense partner to remedy online breaches.
The process of compensation or reimbursement will require the submission of documents and related proof that cybercrime has been committed against the insured. The reimbursement will also depend on the insurance policy.
Gigi Pio de Roda, president, and chief executive of FPG Insurance, said, “Our new product is part of our continuing efforts to provide Filipinos with innovative non-life insurance product solutions. My Cyber Protect Mate will help keep safe every Filipino’s hard-earned money.”
Pio de Roda added, “MyCyberProtect Mate helps enable every victim of cyberbullying to start over and go back to their normal life. As its name implies, we are your mate, your friend, and your ally that will handhold you on your recovery from cyber fraud, identity theft, or cyberbullying.”
FPG has on its insurer’s sights at least 10 percent of the 43 [million internet] users in the Philippines. Every customer could look forward to a straightforward application process and insurance claims by calling the 24/7 hotline CyberScout.
Moreover, FPG adapts to local culture and customs, so every action recognizes the social peculiarity of the individual insured. All information is kept confidential and safeguarded by cutting-edge cybersecurity systems in keeping with the working motto that the customer always comes first.
FPG Insurance creates relevant and comprehensive non-life insurance products and solutions accessible to all Filipinos.