InsurTech firm Igloo is significantly expanding its footprint in the Philippines, leveraging strategic partnerships to drive growth in the rapidly evolving insurance market.
Fresh from closing a successful US$19m Series B funding round, Igloo is poised to capitalise on the Philippines’ potential, particularly given the country’s tech-savvy population and relatively low insurance penetration rate.
At a recent press briefing, Mario Berta, Country Managing Director of Igloo Philippines, emphasized the company’s focus on the Philippines as a key growth market. “The Philippines offers solid potential for insurtech due to its low insurance penetration, with only three percent of the adult population currently covered,” Berta noted. This is in stark contrast to the robust growth of the domestic insurance industry, where total gross written premiums have surged by 64.3% over the last five years.
Igloo’s expansion in the Philippines is underscored by the company’s successful partnerships with leading insurance firms such as Etiqa, Malayan Insurance, PGA Sompo Insurance Corporation, and Mercantile Insurance.
These alliances have enabled Igloo Philippines to facilitate over 60 million protection plans, resulting in a 20-fold increase in gross written premiums in just the past year.
One of Igloo’s most notable collaborations is with e-commerce giant Shopee, where the partnership with Etiqa has made affordable Cracked Screen Protection and Electronics Protection Plans accessible to Shopee’s 73m monthly visitors in the Philippines.
Additionally, Igloo’s partnership with GCash, the country’s leading e-wallet provider, now offers microinsurance protection plans to GCash’s 60m users, further extending Igloo’s reach.
Berta highlighted that these partnerships are central to Igloo’s mission of making insurance more accessible, particularly to underserved segments such as gig economy workers and micro, small, and medium enterprises (MSMEs). “Our objective in the Philippines is to empower our partners to sell digital insurance products, aiming to cover the 102m uninsured Filipinos across the nation’s 7,300 islands,” Berta said.
Igloo’s innovative approach to insurtech also extends to its partnerships with platforms like foodpanda and UBX’s SeekCap, which offer specialised insurance products tailored to the needs of food delivery riders and MSMEs, respectively.
These initiatives are part of Igloo’s broader strategy to integrate digital solutions into traditional insurance processes, thereby enhancing customer experience and broadening coverage.
Looking ahead, Igloo is set to continue its aggressive expansion in Southeast Asia, with a focus on developing products that target the underinsured low to mid-income population segments.
With the digital economy in Southeast Asia projected to reach $300bn by 2025, Igloo is well-positioned to seize the opportunities presented by the growing demand for digital insurance solutions. The company’s success in the Philippines is a testament to the potential of InsurTech in addressing the insurance gap in the region.
Founded in Singapore, Igloo is Southeast Asia’s first full-stack InsurTech firm, offering data-driven insurance solutions across multiple markets, including the Philippines.
The company’s mission is to make insurance accessible to all, particularly through partnerships with platform companies and insurance providers.
Igloo’s technology-driven approach allows for streamlined operations, new revenue streams, and optimised insurance products, making it a key player in the region’s InsurTech landscape.
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