Regional insurtech company Igloo plans to move to an AI-powered model by 2026, placing artificial intelligence at the center of its operations to help address long-standing issues in Southeast Asia’s (SEA) insurance sector, including the Philippines.
“These solutions provide value to companies who are either saddled with legacy infrastructure or lack insurance expertise to reap the advantages of incorporating AI in their operations,” said Raunak Mehta, co-founder and CEO of Igloo.
Since early this year, Igloo has started using AI across product development, customer service channels, and back-office work. The company said the tools are now being used daily. These include systems that help customers choose insurance plans based on their inquiries and profile, assist with claims filing, and support sales agents in preparing quotes and issuing policies. The company also uses automated checks to review claims and detect possible fraud.
Igloo reported improvements in sales and operations since adopting these tools. About 70% of customers now choose plans suggested by its recommendation system. The company also saw a 24.7%percent drop in customer drop-offs and higher uptake of add-on insurance products.
For claims, response times fell from one to three days to around one minute. Igloo said accuracy in claims review reached 98%, and manual work for claims teams was cut by 70%.
Igloo cited a study released in August 2025, which estimates that the Philippines’ financial and insurance services sector could gain up to $300 billion in gross value added from broader AI use.