By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
EveryTechEverEveryTechEver
  • News
    NewsShow More
    HUAWEI launches WATCH FIT 4 & WATCH 5 in Berlin 2025
    May 18, 2025
    New Altos BrainSphere T15 F6 Server Features AMD EPYC 4005
    May 16, 2025
    Sony WH-1000XM6: Noise Cancelling Headphones for Audiophiles
    May 16, 2025
    Epson and Haribon Join for Coastal Cleanup
    March 24, 2025
    Power Mac Center backs Bataan LGU bid to upskill teachers
    March 13, 2025
  • Tech
    • Mobile
    • Computing
    • Auto
    • Cybersecurity
    • FinTech
  • Gaming
    GamingShow More
    Acer
    Acer Leads Notebook Markets in the Philippines
    March 29, 2025
    NVIDIA GeForce RTX 50 Series: Dual Front Fans Design Return?
    January 5, 2025
    New ASUS ROG Swift OLED: 4K 240Hz Gaming Monitor Unveiled
    January 5, 2025
    Thunderobot ZERO Gaming Laptop Debuts at CES 2025
    January 5, 2025
    GPD Win Max 2 (2025) Mini Gaming Laptop Launched
    December 8, 2024
  • Lifestyle
    • Entertainment
    • Shopping
    • Appliances
    • Wellness
  • How-To
  • Reviews
    ReviewsShow More
    Redmi Note 14 Pro+ 5G Review: The Midrange King of 2025?
    Aurvana Ace 2 Review: Creative’s Comeback Earbuds Impress
    Marshall Major V Review: 100+ Hours of Playtime & Bold Sound
    Marshall Minor IV Review: A Premium Pair of Earbuds with a Vintage Touch
    Tecno Spark 30C – Redefining entry-level smartphone
  • About Us
    • Contact Us
Search
© 2023 EveryTechEver. Your daily source of everything tech. All Rights Reserved.
Reading: Igloo: Digital Transformation Boosts Philippine Insurance Growth
Share
Sign In
Notification Show More
Font ResizerAa
EveryTechEverEveryTechEver
Font ResizerAa
Search
  • News
  • Tech
    • Mobile
    • Computing
    • Auto
    • Cybersecurity
    • FinTech
  • Gaming
  • Lifestyle
    • Entertainment
    • Shopping
    • Appliances
    • Wellness
  • How-To
  • Reviews
  • About Us
    • Contact Us
Have an existing account? Sign In
Follow US
© 2023 EveryTechEver. Your daily source of everything tech. All Rights Reserved.
EveryTechEver > Blog > Tech > Financial > Igloo: Digital Transformation Boosts Philippine Insurance Growth
FinancialNews

Igloo: Digital Transformation Boosts Philippine Insurance Growth

Igloo: Transforming insurance with technology for seamless, everyday protection

Team EveryTechEver
Last updated: October 17, 2024 8:14 PM
Team EveryTechEver
Share
6 Min Read
SHARE

Igloo, a regional insurtech, addresses low insurance penetration by leveraging technology and partnerships to streamline operations across the entire insurance value chain–from insurance and intermediaries to consumers. By digitalizing processes throughout the ecosystem, Igloo enables faster, more efficient services, seamlessly integrating insurance into everyday digital interactions such as e-commerce and travel bookings.

Contents
Drive Empowering Intermediaries with a Digital PlatformFacilitating a Seamless Digital Experience through Embedded InsuranceBringing Insurance Closer to Consumers, Digitally

End-to-end digitalization of insurance is becoming a crucial strategy to boost insurance penetration in the Philippines, especially as recent data indicates a decline in coverage across the country. In 2023, insurance penetration in the Philippines sank to 1.6%, lower than the 1.73% recorded in 2022.  This decline highlights the urgent need for innovative solutions to make insurance more accessible and appealing to a broader population.

Drive Empowering Intermediaries with a Digital Platform

One key aspect of this digital transformation is the creation of digital platforms for intermediaries. Traditionally, insurance intermediaries rely on manual processes from onboard customers to settling claims, which can be time-consuming and prone to errors. Digital tools allow intermediaries to streamline the entire process from customer onboarding to claim settlement. These tools help manage customer information, assess needs, and complete transactions faster and more accurately. As a result, intermediaries can focus more on building relationships with current and potential clients, rather than being burdened by administrative tasks.

Ignite introduced Igloo, a digital platform that helps insurance intermediaries sell more efficiently. Key features include a user-friendly interface for faster browsing, a quick quote system for instant premium calculations, secure payment processing, and tools for team and data management to simplify reporting. It also tracks referral fees in real time, depositing them directly into bank accounts. Launched in Vietnam in 2022, Indonesia in 2023, and now in the Philippines, Igloo offers 42 products across 9 categories, including Travel, Pet, and Motor protection. It was awarded Mobile App of the Year – Vietnam at the Insurance Asia Awards 2024.

- Advertisement -

Facilitating a Seamless Digital Experience through Embedded Insurance

Igloo is transforming the insurance landscape by providing a seamless, end-to-end digital experience through embedded insurance. As an insurtech platform, it enables businesses to integrate insurance products into their platforms, facilitating seamless policy applications, purchase, and claims management. This reduces friction for both insurance providers and distributors, streamlining complex tasks such as underwriting, policy issuance, and claims processing, making the entire system more efficient and user-friendly.

igloo

Igloo partners with online platforms like Lazada and Shopee, as well as payment services like DANA in Indonesia and GCash in the Philippines, and retail chains like Circle K in Vietnam, to develop customized and embedded insurance products that integrate smoothly into digital experiences. In addition, telecom companies like Smart, consumer finance platforms such as Skyro and Salmon, and B2B MSME enabler Growsari also collaborate with Igloo in the Philippines to expand access to insurance across different sectors. This enables customers to purchase insurance directly through these platforms with minimal hassle. As a result, consumers can easily discover, evaluate, and buy insurance products in just a few clicks, making insurance a natural part of their everyday transactions. Consequently, securing coverage for travel, electronics, or e-commerce purchases becomes nearly invisible yet highly convenient.

This frictionless approach allows customers to opt-in with just a few clicks, which improves conversion rates. It also appeals to those who might not have initially considered insurance but recognize its value when offered conveniently.

Bringing Insurance Closer to Consumers, Digitally

Building on its success in embedded insurance and business-to-agent models, Igloo has soft-launched a direct-to-consumer platform in Indonesia, igloo.co.id, where users can explore insurance products like motorcycle, car, pet, and travel coverage from top insurers. 

Introducing these platforms is essential for improving insurance accessibility and expanding market penetration. Igloo’s direct-to-consumer platform streamlines the insurance process, enabling users to easily compare products, understand coverage, and manage policies in one place. This approach not only resolves common transparency issues but also empowers consumers to make informed decisions. Digitalization, in this case, increases accessibility, boosts efficiency, and builds trust, ultimately driving higher adoption rates and fostering a more inclusive insurance ecosystem.

As the Philippines experiences a decline in insurance penetration, digitalization offers a clear solution to reverse this trend. By simplifying processes for intermediaries and customers alike, insurers can eliminate barriers to entry. The growing prevalence of embedded insurance and direct-to-consumer platforms also exposes consumers to more coverage options, increasing the likelihood of purchasing insurance and improving overall financial security.

Watsons’ Dedication to Sustainability and Doing Good for the Community Earns Recognition
Sarah G, SB19 will set the Asia Pacific Predator League 2024 Grand Finals stage on fire
DJI Unveils Mic Mini Wireless Microphone
Sony WH-1000XM6: Noise Cancelling Headphones for Audiophiles
Snapdragon X Plus 8-Core Leaks Ahead of IFA Unveiling
TAGGED:Igloo

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
ByTeam EveryTechEver
Zup Techies! Team EveryTechEver is our admin account for Press Releases. You can get in touch with us at press@everytechever.com.
Previous Article Upcoming Launch of Nothing Phone (2a) Community Edition
Next Article Samsung Galaxy A36 Surprises with Unexpected Android Version
Leave a Comment Leave a Comment

Leave a ReplyCancel reply

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

Palo Alto Networks APJ Study Reveals Mid-Market Cyber Resilience Gaps
Cybersecurity Tech
May 30, 2025
HUAWEI FreeArc: Open-Ear Audio Tested by Athletes at Pretty Huge
Accessories Wearables
May 28, 2025
Xiaomi XRING O1 SoC Debuts with New 15S Pro & Pad 7 Ultra
Mobile
May 28, 2025
TECNO CAMON 40 Specs, Features & Sarah G TikTok Challenge!
Mobile
May 28, 2025
//

Your daily source of everything tech.

//

We influence 20 million users and is the number one business and technology news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

EveryTechEverEveryTechEver
Follow US
© 2023 EveryTechEver. Your daily source of everything tech. All Rights Reserved.
  • Privacy Policy
  • Terms of Service
  • Contact Us
 

Loading Comments...
 

    adbanner
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?