Igloo keen on Philippine market

MANILA, Philippines — Singapore-based insurtech firm Igloo has committed to provide credit line insurance to Filipino entrepreneurs in support of the government’s initiatives to boost financial inclusion.

The company has committed to allocate a portion of the $27 million funds it recently raised to deploy more insurance solutions and increase coverage across the Philippines.

Igloo Philippine country manager Mario Berta said the company could strengthen its current tech capabilities and introduce new solutions to reach more underserved sectors in the Philippines after the successful fundraising activity.

“With an insurance penetration rate of less than two percent, we entered the Philippines by listening to the unmet needs of Filipinos to ensure we are filling the gaps that other players have yet to address,” Berta said.

The first investment in Southeast Asia, the recent funding round was led by a group of global institutional investors, highlights their shared mission of protecting the communities they serve.

The investors have expressed interest in Igloo’s initiatives in the Philippines, which include providing credit line insurance to entrepreneurs, half of which are women, through its partnership with Philinsure.

The firm also pioneered Foodpanda’s PandaCare initiative, a comprehensive insurance package for platform workers that includes accidental death, accidental dismemberment, medical reimbursement, hospital assistance, and burial expense.

Igloo is in talks with insurance and government partners to bring the first blockchain-based Weather Index Insurance, a new technology that will provide immediate financial assistance to farmers in times of adverse weather conditions.

With an average of 20 typhoons traversing the Philippines every year, Weather Index Insurance will not only fast-track farming communities’ recovery, but also guarantee the sustainability of their livelihood.

While Igloo helps insurance partners onboard their products into digital platforms, the firm is also finding more solutions to support direct sales intermediaries.

As the industry transforms itself, there is also a need to help agents and brokers prepare for the increasing demand for insurance.    – Lawrence Agcaoili

The firm also intends to introduce Ignite by Igloo, an intuitive AI-powered digital solution that enhances the productivity of agents by automating manual paperwork and inefficient procedures.

With the increased ease of purchase of low-cost protection, latest data from the Insurance Commission (IC) showed microinsurance premiums jumped by 15 percent in the first quarter of 2022.

Riding off the growth of the segment, Igloo has facilitated over 100 million through local insurance partners in the past four years it has been in the market.

Berta added that the Philippines being one of the most digitally connected places in the Southeast Asia region is an advantage for insurtech companies because technology is heavily involved in the lifestyle of Filipinos.

“We will leverage technology to reach out to sectors within the Philippines since every Filipino deserves to have access to insurance, no matter where they live,” Berta said.

Aside from Singapore and the Philippines, Igloo also has offices in Indonesia,  Thailand, Vietnam, and Malaysia. It also has tech centers in China and India.