Regional insurtech Igloo is expanding its embedded insurance business in the Philippines, backed by a wider partner network, new local leadership, and artificial intelligence (AI) upgrades.
Insurance penetration in the country remains low at around 1.9%, leaving many Filipinos uninsured or underinsured, especially those in lower-income and informal sectors. Embedded insurance, which integrates coverage into digital platforms that consumers already use, is gaining traction as a way to narrow this gap.
Industry research estimates the Asia-Pacific embedded finance market could reach $373 billion by 2030. Embedded insurance is becoming part of this shift, allowing coverage to be offered at the point of need through apps and online platforms.
“Our goal at Igloo is to make insurance more accessible to those in need across Southeast Asia, and the Philippines is a market we continue to prioritize,” said Raunak Mehta, co-founder and CEO of Igloo. “The country is among the most digitally engaged markets in the region, and embedding relevant and affordable insurance products into platforms people already use helps broaden access to protection.”
Since entering the Philippines, Igloo has partnered with more than 40 digital platforms and launched over 55 insurance products designed for local users. These products are distributed through e-wallets, e-commerce sites, fintech firms, ride-hailing apps, consumer finance providers, and telecommunications companies.
Regionally, Igloo has facilitated more than 1.6 billion policies through its platform.
In the Philippines, the company partnered with Angkas to provide personal accident and medical insurance to more than 20,000 registered riders. For a minimum premium of ₱0.52 per ride, riders and passengers receive personal accident coverage of up to ₱650,000 and medical benefits of up to ₱200,000.
Ahead of last year’s typhoon season, Igloo worked with fintech lender Skyro to offer personal accident insurance with added flood and fire coverage to more than 700,000 active loan customers.
The company has also collaborated with GCash, Shopee, Salmon, and Smart, and recently signed a memorandum of understanding with RCBC Bank.
To support growth, Igloo appointed Ramjit Lahiri as Philippines country head. Lahiri was most recently CEO of Carmudi Philippines.
“This is only a glimpse of what embedded insurance can achieve,” Mehta said. “In 2026, we look forward to working with more banks and consumer finance providers to advance financial inclusion and expand access to protection.”
Igloo is processing more than 80 million policies monthly and is transitioning into what it calls an AI-native insurtech. The company plans to roll out AI tools aimed at improving customer experience, speeding up claims, strengthening fraud detection, and enabling data-driven product personalization.
“As part of our journey to becoming AI-native this year, you will see us rolling out AI features central to improving the customer experience for Filipino consumers,” Mehta said. “Over the next two to three years, we expect rapid scale in the Philippines.”