InsurTech firm Igloo, a leading player in Southeast Asia’s insurance technology market, has officially launched its direct-to-consumer (D2C) platform, igloo.co.id, in Indonesia.
The launch signifies Igloo’s expansion into the consumer-facing insurance market in the country, according to InsurTech Insights.
The launch of igloo.co.id is aimed at increasing insurance accessibility for Indonesia’s growing digital consumer base. By offering affordable microinsurance products on a user-friendly platform, Igloo seeks to address the key challenges of transparency and ease of use, making insurance more accessible to the public.
The firm, known for its innovations in embedded insurance and business-to-agent models, is a prominent InsurTech company across Southeast Asia.
It offers a variety of insurance solutions by partnering with top-tier insurers and tech firms, with a mission to modernise and democratise access to financial protection.
The newly launched platform, igloo.co.id, offers various insurance products, including motorcycle, car, pet, and travel insurance, from leading insurers such as Zurich, Sompo, SinarMas, and Oona.
The offering simplifies the insurance purchase process by providing detailed coverage explanations and minimising form-filling requirements for fast quotes. Additional features include the Buy-Now-Upload-Later option for documentation and full claims support.
Since its soft launch in May 2023, igloo.co.id has attracted nearly 20,000 visitors per month with minimal marketing efforts. The platform’s popularity demonstrates strong demand for affordable and transparent insurance options in Indonesia.
CEO of Igloo, Raunak Mehta, commented on the launch, “We are thrilled to introduce igloo.co.id, a platform that simplifies and democratises insurance access for Indonesians. With igloo.co.id, we address the critical barriers of accessibility and transparency that have traditionally hindered insurance adoption in the country. By offering easy-to-understand products that cater to everyday needs, we aim to transform how insurance is perceived.”
Igloo’s entry into the D2C insurance market is part of a broader strategy aimed at boosting insurance penetration in Indonesia, which currently stands at just 2.7%, much lower than other ASEAN countries. By targeting tech-savvy, younger consumers, Igloo aims to increase both digital literacy and financial protection across the country.
The company’s recent achievements include the launch of Ignite, a digital platform in 2022 that provides insurance agents with tools to meet modern client demands. Additionally, Igloo has partnered with prominent brands like Oppo, realme, and Circle K to streamline offline-to-online customer transitions. Igloo has also been recognised as “Insurtech of the Year” for two consecutive years at the Asia FinTech Awards, underscoring its leadership in the InsurTech space.
Raunak Mehta added, “Our customers value simplicity in the purchase process and strong customer service, and we’ve built igloo.co.id around these insights.”
Copyright © 2024 InsurTech Analyst
