Igloo, a regional insurtech company, has launched its digital platform Ignite in the Philippines, marking the third anniversary of the app. Ignite is designed to help insurance sales intermediaries or agents digitize their operations, streamline client management, and improve customer service.
With its expansion into the Philippines, Ignite aims to enhance the efficiency and productivity of the country’s 271,000 active life and non-life insurance agents.
The Philippine insurance market is still heavily relationship-based, with most sales conducted in person by intermediaries and brokers. This traditional approach has posed challenges, such as limited earning potential and product referral opportunities, due to the lack of technology integration and a standardized platform.
“Through Ignite, we are addressing these pain points by consolidating product offerings from multiple insurance companies, helping them digitalize their processes, and providing a secure all-in-one platform for all they may need as insurance intermediaries,” said Raunak Mehta, co-founder and CEO of Igloo.
Launched initially in Vietnam in 2022 and later in Indonesia, Ignite has grown to include 42 products across nine categories, such as Travel, Pet, and Motor protection plans. The app’s user-friendly interface, fast quote system, secure payment processing, and team management tools aim to simplify the sales process and improve interactions with customers. Agents can track referral fees in real-time, providing a transparent and efficient way to manage earnings.
Insurance in the Philippines
Despite growth in the financial sector, insurance penetration in the Philippines remains low at 1.75%. Digital tools like Ignite are seen as crucial in increasing this rate by reducing the administrative burden on intermediaries, allowing them to focus on expanding their client base and improving customer satisfaction.
To further support insurance partners, Igloo has introduced a new feature called iLearn. This feature provides sales agents with access to training content in various formats, including PDFs, videos, and quizzes. The training is designed to enhance product knowledge, technical skills, and sales strategies, ensuring that agents can transition from policy sellers to trusted financial advisors.
Igloo has also launched a microsite to aid partner recruitment, offering a centralized platform for potential partners to learn about Ignite and sign up as agents. As the app continues to evolve, Igloo is exploring ways to offer the platform as a tech solution for insurers, enabling them to digitize their operations and enhance sales effectiveness.