As insurance penetration in the Philippines declines, dropping from 1.73% in 2022 to 1.6% in 2023, the need for digital innovation in the sector has become more critical than ever. In response, Igloo, an insurtech company, is leveraging end-to-end digitalization to make insurance more accessible and appealing to Filipinos. By integrating technology across the entire insurance value chain, Igloo aims to streamline operations and remove barriers that traditionally prevent widespread insurance adoption.
One of Igloo’s key strategies is the development of digital platforms tailored to insurance intermediaries. These platforms replace time-consuming, manual processes with more efficient, automated tools that simplify tasks such as customer onboarding, policy management, and claims settlement. Through Igloo’s solutions, intermediaries can now focus more on building client relationships, while digital tools handle administrative tasks.
Launched in Vietnam in 2022, Indonesia in 2023, and now in the Philippines, Igloo’s platform helps intermediaries navigate and sell insurance products more effectively. With features like real-time premium calculations, secure payment processing, and referral fee tracking, the platform provides a seamless experience. Igloo’s broad product portfolio includes 42 offerings in nine categories, such as travel, pet, and motor insurance.
Transforming Insurance with Embedded Solutions
Igloo is also revolutionizing insurance by offering embedded solutions that integrate seamlessly into digital experiences. By partnering with major eCommerce platforms like Lazada and Shopee, as well as local payment services such as GCash, Igloo embeds insurance products directly into these platforms. This makes the purchase of insurance policies easier and more convenient for users.
This frictionless, embedded approach simplifies the entire process, from application to claims management. Customers can secure coverage for various needs, including electronics and travel, with just a few clicks, enhancing both accessibility and convenience.
Building on its success in embedded insurance, Igloo has also soft-launched a direct-to-consumer platform in Indonesia, where users can explore and purchase insurance products directly. By simplifying the comparison and management of insurance policies, Igloo’s direct-to-consumer model empowers customers to make informed decisions and boosts transparency, efficiency, and trust in the insurance ecosystem.