Singapore-based insurance-tech firm, Igloo, teams up with Philippines-based insurance broker Philpacific Insurance Brokers Inc. (Philinsure) to kick off with the digitization of the latter’s insurance products offering.
With a digital insurance penetration of less than 1%, the availability of insurance protection in the Philippines is largely offline which limits their reach, especially in these days of the pandemic. Igloo sees a lot of potential in driving this digitally to provide highly customized and relevant solutions to the consumers in the most accessible, scalable, and affordable manner.
Leveraging its technological capabilities, Igloo is able to deliver operational efficiencies and lower costs for its insurance partners and provide value-adding products to the customer base of its distribution partners.
Igloo, founded by Wei Zhu in June 2016 to provide affordable insurance for everyone, is a full-stack insurtech firm, employs big data, dynamic risk assessment, and expedited claims management, to provide partners with widened distribution networks and allows consumers access to customized insurance solutions. To date, Igloo has sold over 100 million policies in Indonesia, the Philippines, Singapore, Thailand, Vietnam, and Indonesia.
“This pandemic brought about an urgent need for traditional industries to tap technology, and this is especially evident in the insurance sector in the Philippines,” said Raunak Mehta, chief commercial officer of Igloo. “This partnership with Philinsure aims to support a very important sector in the Philippines, such as small business owners whose work has a very real and immediate impact on their communities. We want to be able to provide them with affordable and relevant protection to give them the confidence to focus on their business and their livelihood.”
The partnership seeks to strengthen Igloo’s foothold in the Philippine market as it expands the variety of verticals it serves from on-demand customer platforms to banks, fintech, and logistics firms. Since its entry into the Philippines with its collaboration with Southeast Asia’s fastest-growing hotel management and booking platform, RedDoorz in 2019, Igloo has also partnered with the UnionBank of the Philippines in August last year. The insurtech has also widened its insurance partner base to include Mercantile, Pioneer, PGA-Sompo Insurance Corporation, and United Coconut Planters Life Assurance Corporation.
Igloo looks to evolve its product offering by investing in the development of new products to cater and fit the ever-changing market needs. Apart from these existing products, Igloo aims to work with partners to launch new policies such as home, business, internet security, pet insurance, and those focused on single diseases such as dengue and COVID-19. With these plans in mind, the team looks to hire more people in their Philippines office as it expects the number of policies sold via its platform in the Philippines to grow 4x this year. The company is also looking for strategic investors for their upcoming funding round, which is expected to close by Q1 2021.
“We see that working with Igloo will help us achieve greater efficiencies in our post-pandemic digitization program,” said Gordon Alan Joseph, CEO, Philinsure.