Insurtech company Igloo is driving insurance growth in the Philippines through end-to-end digitalization, as the country grapples with declining insurance penetration.
Insurance coverage dropped to 1.6% in 2023, down from 1.73% in 2022, highlighting the need for innovative solutions to expand access to insurance.
Igloo’s approach centers on leveraging technology to streamline the insurance process from end to end.
By integrating digital platforms into the entire insurance value chain—from intermediaries to consumers—Igloo aims to make insurance more accessible and efficient.
The company’s digital tools allow insurance intermediaries to onboard customers, process claims, and manage transactions faster and with fewer errors.
“Igloo empowers intermediaries by offering a digital platform that streamlines processes, helping them focus on building relationships rather than administrative tasks,” Igloo said in a statement.
This platform, already launched in Vietnam and Indonesia, offers features such as quick premium quotes, secure payments, and real-time tracking of referral fees, making it easier for intermediaries to sell insurance.
Igloo is also transforming the insurance landscape through embedded insurance, where products are seamlessly integrated into digital platforms.
This strategy reduces the friction for both consumers and insurers, making it easier to apply for, purchase, and manage policies.
In the Philippines, Igloo partners with platforms like Lazada, Shopee, and GCash to offer embedded insurance products, allowing consumers to buy coverage with just a few clicks during routine transactions.
This frictionless approach is expected to improve conversion rates, making insurance more attractive to those who may not have considered it before.
“Consumers can now discover and purchase insurance products as part of their everyday transactions, improving convenience and accessibility,” Igloo noted.
In addition to embedded insurance, Igloo has soft-launched a direct-to-consumer platform in Indonesia, where users can easily compare and purchase products like car, motorcycle, pet, and travel insurance. The company plans to expand similar platforms to other markets, including the Philippines.
As insurance penetration continues to fall, Igloo’s digital-first strategy offers a clear path to reversing this trend.
By simplifying processes and increasing exposure to insurance products, Igloo hopes to foster a more inclusive insurance ecosystem in the Philippines, driving higher adoption rates and improving financial security across the country.
