FPG: New product offers protection vs cyber risks

FPG Insurance, an affliate of the Zuellig Group of Companies, has launched a product designed to protect people from the risks of virus attacks, financial scams as well as personal abuse in the form of cyber bullying and identity theft.

“We know that Filipinos are very active in social media, online shopping, and banking, which makes them exposed to cyber risk. Thus, we want to offer them protection with MyCyberProtect Mate,” said FPG Chief Underwriting Officer Sharon Navarro.

Navarro said “MyCyberProtect Mate” provides protection against cyber crimes ranging from online fraud to cyberbullying and identity theft. Navarro assured the  company will provide an additional level of service as it has shown in its extensive insurance portfolio. 

“Customers will just need to call the 24/7 call assistance hotline to inform them of the issue. The customer will then be guided through the process of immediately securing the customer’s e-accounts and the claim documents that need to be prepared/submitted,” said Navarro.

“If fraud resulted in the loss of $1,000, we will reimburse the exact expense up to the limit of the coverage,” she added.

Navarro also said FPG wants to provide assistance to victims of cyberbullying through reimbursement of costs for psychological consultation. “The MyCyberProtect Mate will become both your defense and offense partner to remedy online breaches.”

The insurance product comes with the following features:

  • On online purchases: Insurance claim on items bought online that have not been delivered to the customer at all;
  • 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 cyber bullying: 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 cyber security experts who are ready to provide support to the insured.

For the filing of compensation or reimbursement, Navaro said claimants will have to submit 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 CEO of FPG Insurance Co. Inc. said, “This new product is part of our continuing efforts to provide Filipinos with innovative non-life insurance product solutions. MyCyberProtect Mate will help keep safe every Filipino’s hard-earned money.”

She added that FPG wants to enable every victim of cyber bullying 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 cyber bullying.”

FPG has set its sights on at least 10 percent of the 43 million Internet users in the Philippines.

“Every customer can 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,” the company said.

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I HAVE always enjoyed reading Dean West’s blogs, which are insightful and laced with a bit of humor. Dean is founder and president of Association Laboratory Inc., a US firm that provides quality information and strategic insights to association leaders.

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