Through Its New Partnerships with Consumer Finance Platforms, Igloo Extends Access to Insurance to the Underbanked

Manila, Philippines, April 5, 2024 – As part of its commitment to advancing financial inclusion and providing insurance for all, regional insurtech Igloo has partnered with consumer finance platforms in the Philippines to offer gadget protection products to shoppers. Igloo aims to extend access to insurance products and streamline the process of protecting items purchased through digital loans or alternative financing, whether online or in-store, providing consumers with a more accessible and convenient means to secure their purchases effectively.

“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked. This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans,” said Roberto Vea, Commercial Lead at Igloo Philippines. “This is why the consumer lending industry has risen by leaps and bounds–it caters to the needs of the unbanked population by providing alternative financial solutions such as digital loans that do not rely on traditional banking infrastructure."

Lower barriers to entry, competitive interest rates, and simplified application processes have facilitated Filipinos' access to crucial loan products, driving the popularity of installment financing and buy-now-pay-later (BNPL) schemes. BNPL, in particular, is forecasted to reach US$2.29 billion by 2024. Many of these loans are facilitated in physical retail outlets, offering consumers the flexibility to make purchases and arrange financing conveniently in-store.

"At Igloo, we firmly believe in being where we can impact consumers most. That’s why we partnered with leading digital lending companies Skyro and Salmon alongside Etiqa to develop a product designed to protect installment purchases and ensure accessibility wherever our customers are,” Vea explained. “Now, they can protect their purchases wherever they buy it–whether through online merchants or offline stores, we’re giving them the peace of mind they deserve.”

In partnership with Etiqa, Igloo has introduced innovative products like Gadget Protection, Loan Protect with Skyro, and Loan Protect with Salmon. Soon, Salmon, Etiqa, and Igloo will also launch Accidental Damage and/or Liquid Damage, along with Extended Warranty products. These offerings provide comprehensive protection for customers' purchases through consumer finance platforms.

These products provide extensive coverage for device repairs, replacements, and loan repayments in the event of unexpected incidents that impact the customer. These protection products are available in top mobile and appliance stores nationwide.

The process is simple: when a customer purchases a device, the insurance product is seamlessly integrated into the client's loan amount. This integration ensures that premium payments are effortless, hassle-free, and budget-friendly. 

Once the policy is active, Gadget Protection will step in if the consumer faces device issues requiring repairs or replacements. The policy covers the costs associated with these services, providing the customer with peace of mind and financial security.

“We are committed to our mission of providing ‘insurance for all’ and that includes safeguarding purchases made by an underserved sector because it offers a layer of financial protection that they may not otherwise have access to. We will continue to work with our partners to develop products that cater to the diverse needs of the people we serve,” Vea ended.

Learn more about Igloo’s products by visiting iglooinsure.com

The Changing Face of Insurance: How Tailored Microinsurance Products are Key to Relevance and Adoption in the Philippines

MANILA, Philippines, March 18, 2024 – For most people, understanding insurance boils down to the four most common types: life, health, auto, and long-term disability. While awareness of insurance importance is increasing, the aforementioned traditional insurance products are failing to resonate with many people due to various reasons including affordability, accessibility, and relevance. These factors have largely contributed to the low insurance penetration in the Philippines, which stands at 1.68% as of September 2023.

This is where microinsurance is changing the game as insurtechs and insurance companies have introduced personalized microinsurance products that cater directly to the unique lifestyles and needs of Filipinos as they go through various stages of their lives. As an insurtech, Igloo and its partners have been instrumental in facilitating a wide array of microinsurance products that safeguard the unique needs of digital natives and underserved sectors. These products run the gamut from travel insurance, to electronics protection, e-commerce purchase protection, and even protection for the gamers’ health.

“While traditional insurance products may come with high premiums and broad coverage, microinsurance products are designed to provide targeted protection against specific risks that are relevant to our daily lives. By offering affordable products that address immediate needs, microinsurance can serve as the gateway to broader insurance protection and may be key to boosting insurance penetration,” said Roberto Vea, Commercial Lead at Igloo Philippines. 

Among the most popular insurance products Igloo PH and its partners facilitated are Gadget Protection and Online Shopping Protection. In 2023, Gadget Protection sold 10.3 million policies while Online Shopping Protection sold 1.98 million policies highlighting strong customer demand for coverage against electronic device damages and online purchase risks.

“Microinsurance empowers individuals to protect themselves against risks they face today, whether it's safeguarding their electronics from liquid damage or ensuring affordable coverage for spontaneous travel adventures. At Igloo, we believe it’s important for insurers and insurtechs like ourselves to continuously develop relevant products and make sense for our customers,” Mario added.

As of September 2023, microinsurance premiums in the Philippines have increased by 19.6% to P10.16 billion, and over 56 million Filipinos are now insured under microinsurance policies. 

“The growth of the microinsurance industry underscores how the approach to insurance awareness is no longer one size fits all–it must evolve alongside our digital-first lifestyles, safeguarding our ever-expanding virtual assets and providing peace of mind in the face of modern risks,” Vea explained. “This also means ensuring that the products are where our consumers are–online, thus making sure that the entire buyer’s journey from consideration, to purchase, and claims must be easy, accessible, and uncomplicated.”

According to a recent study conducted by Manulife, 41% of Gen Z individuals (aged 18-24 years old, according to McKinsey) plan to purchase insurance online in the next 12 months. Furthermore, the study found that 33% of millennials (aged 25-44 years old) have already bought insurance online. This indicates that younger generations are increasingly preferring and adopting online channels for purchasing insurance.

This is where the availability of embedded insurance was able to expand the channels of distribution, providing consumers with a convenient way to discover, evaluate, and purchase products in just a few clicks. Igloo does this through partnerships with major e-commerce platforms like Lazada and Shopee, leading payment platforms such as DANA in Indonesia and GCash in the Philippines, and retail chains like Circle K in Vietnam.

“As Igloo continues to play a vital role in making microinsurance accessible to millions of Filipinos, we remain committed to prioritizing products that not only raise insurance awareness and adoption but are also relevant, innovative, and customer-centric,” Vea ended.

Learn more about how Igloo’s tailored microinsurance solutions by visiting iglooinsure.com.

2024 Trends Transforming Southeast Asia's Insurance Landscape

MANILA, Philippines, February 13, 2024—Southeast Asia's insurance sector is undergoing a massive transformation to keep up with evolving market demands and maintain competitiveness. In the Philippines, where insurance penetration is at a mere 1.68%, the industry is grappling with persistent challenges such as complexities, outdated systems, and regulatory hurdles. However, amidst these obstacles, the industry is forging ahead with innovation and modernization with insurtechs emerging as crucial drivers of this change, fueling efficiency enhancements and elevating customer experiences. 

Insurtechs have facilitated the seamless integration of insurance into the purchase journey across diverse platforms, including e-commerce, fintech, and logistics. They have also made it possible for brick-and-mortar establishments such as convenience stores to become viable distribution channels to enhance accessibility and awareness of insurance products, bringing offline consumers online. Insurtech firms likewise empower insurers to create personalized products, meeting the unique needs of underserved sectors and effectively managing emerging risks in digital consumers' lifestyles today–these include pet insurance, travel insurance, electronic and mobile phone protection, and even micro, small, and medium business insurance.

Amidst the industry's continuous transformation, insurtech Igloo identifies key trends poised to persist in 2024, further elevating efficiency throughout the insurance value chain and propelling the ongoing momentum of embedded insurance and personalization.

AI-Powered Data Analytics for Enhanced Risk Assessment

Artificial Intelligence (AI) is fast becoming the cornerstone of the insurance sector, revolutionizing the way companies analyze data and assess risks. This year, we can expect insurers to increasingly leverage AI for advanced data analytics, allowing them to gain deeper insights into customer behavior, preferences, and emerging risks. By harnessing the power of AI, insurers can enhance their risk assessment models, leading to more accurate pricing and better management of uncertainties in the ever-changing market.

Blockchain for smoother claims processing

Blockchain's sustained influence in insurance underscores its pivotal role in streamlining claims processing. The decentralized and transparent nature of blockchain ensures efficient, fraud-resistant transactions, expediting claims settlement, and reducing administrative costs. This enduring trend continues revolutionizing the insurance landscape by enhancing accuracy, trust, and operational efficiency.

Zero-Code Platforms for Swift Product Launch

The adoption of zero-code platforms is set to streamline and accelerate the launch of new insurance products across various channels. These platforms empower insurance companies to develop, modify, and deploy applications without extensive coding, significantly reducing the time and resources required for product development. This rapid deployment capability ensures that insurers can respond swiftly to market demands, offering a diverse range of products tailored to the evolving needs of consumers.

Digital Empowerment of Agents to Boost Productivity

As the industry becomes more digital, insurance agents are also set to benefit from advanced technologies that enhance their productivity and improve customer interactions. In 2024, insurers are expected to invest in empowering their agents with digital tools and resources, facilitating seamless communication, quicker policy issuance, and personalized customer experiences. The digitalization of agents also contributes to an overall positive customer journey, fostering loyalty and satisfaction.

Securing Against Climate Change Through Insurance

Climate insurance has emerged in response to the increasing frequency and intensity of climate-related events. As businesses, individuals, and governments grapple with the impacts of climate change, insurance has become a critical tool for managing the financial losses resulting from it such as damage to agriculture, infrastructure, and personal property. This trend exemplifies a proactive approach to mitigating economic losses, aligning with the shift towards sustainability and resilience in the face of climate uncertainties. 

Igloo believes the rising demand for personalized insurance in our region is prompting insurers and embedded insurance ventures to embrace the latest tech trends. By seamlessly incorporating these innovations, the leading regional insurtech firm is not just keeping up; it's staying one step ahead, shaping the future of insurance for Southeast Asian communities. Its commitment is to remain at the forefront of industry shifts, ensuring its approach aligns seamlessly with the evolving needs of its valued customers.

Regional Insurtech Igloo Reveals How Gen Z Will Shape Insurance In The Coming Years

Manila, Philippines, 14 September 2023 - Igloo, a regional insurtech providing people-first and simple insurance solutions, is leveraging upcoming technologies like blockchain and AI to protect underserved segments across Southeast Asia against emerging risks and needs. As part of its mission to provide “Insurance for All,” Igloo unveils how Gen Z (which McKinsey defines as people born between 1996-2012) will shape insurance in the near future.

By 2025, McKinsey suggests that this segment will make up a quarter of APAC’s population, making them a big driver of the economy. In the Philippines in particular, around 40 million Filipinos are considered to be part of this segment.

Known for being true digital natives and digital savvy, this generation’s preference for speed and convenience, and different lifestyles open a new door filled with opportunities for the sector to tap into.

The insurance industry is changing rapidly with the arrival of Gen Z in the workforce. Speed and convenience are now crucial, and the industry must understand evolving consumer preferences to stay competitive. 

Speed and Convenience 

In an age of digitization, everything is available at the click of a button. This phenomenon has given rise to the demand for both speed and convenience. 

The emergence of insurtech has helped the sector keep up with this. Embedded insurance has introduced innovative distribution channels by seamlessly integrating insurance products into the purchasing process. Additionally, trends like accelerated underwriting and digital assistants are enhancing the overall customer experience.

Igloo does this with a wide array of strategic partnerships with major players such as e-commerce giants Lazada and Shopee, leading payment platforms DANA in Indonesia, GCash in the Philippines, and Circle K in Vietnam. Igloo embeds its products in different distribution channels - with even Southeast Asia’s first insurance sold in convenience stores with Circle K.

The Age of Hyper-Personalization

One of the major reasons Gen Z consumers are hesitant about buying insurance products is the lack of personalization. Traditional insurance policies often include broad coverage, which drives up costs. On top of that, many aspects of the policies might not apply to each consumer. Gen Z is incredibly price-sensitive. Combined with its openness to share personal data to enable personalization, this opens up a window of opportunity for us to deliver personalized products and experiences. 

The insurance sector has already recognized this and there are some personalized products available. Going forward, personalized policies in the form of usage-based insurance will be essential to allure and keep Gen Z consumers. An example of this would be stackable microinsurance products that enable one to pick and choose their preferred coverage and create the ideal plan at their desired price point. The emergence of IoT, 5G, AI, and big data have all contributed to this. 

Emerging Risks

Every day presents new threats, from digital security breaches to novel health concerns. As a result, Gen Z is turning to microinsurance to safeguard against these emerging risks. Thus, insurance products tailored for modern lifestyles, addressing concerns traditional insurers don’t typically cover like online shopping fraud, data breaches, and even device protection are gaining traction.

APAC is one of the biggest markets for microinsurance. The still-developing economies and rising middle class create an uptake in demand for cheaper, more affordable insurance plans. Using new channels and cutting-edge technologies, Igloo has introduced innovative products such as the 360-Degree Phone Protection to protect smartphones from unexpected repair costs brought about by unwanted incidents and Travel Master with COVID-19 that protects travellers from mild travel inconveniences such as delayed flights to emergencies like accidents and medical incidents.

Interestingly, the emerging risks that insurers are beginning to address aren't limited to those faced by humans. With over 70% of Indonesians, Vietnamese, and Filipinos owning pets, health insurance for pets has become lucrative for insurance companies. Igloo recently partnered with GCash and Malayan Insurance in the Philippines to offer Pet Insure, which provides reimbursement, pet owner’s liability, and 24/7 pet owner’s personal accident cover.

Responsible Consumers

Gen Z looks for credible brands to buy from. This includes not only brands that deliver impeccable performance but also align with their strong personal values and beliefs. Aspects like sustainability and diversity & inclusion are key to this segment, with 58% of Southeast Asian Gen Zs seeing brands as an extension of themselves. 

According to a study published by Lloyd’s, the global underinsurance gap is US$162.5 billion, with emerging economies accounting for 96% of this gap, and Southeast Asian countries like Vietnam, Philippines, and Indonesia are among the least insured in the world. 

Insurers now need to be more aware of the societal impact of their operations. Choosing responsible partners, increasing philanthropic expenditure, and ensuring DEI within the organization have become significant considerations. 

Education and Awareness 

Gen Z consumers have grown up in an age of near-perfect information. Extensive research and parallel browsing are common stages in the purchasing process, especially for complex products like insurance. 

With comparison and evaluation of features like documentation and claims processes, pricing and premiums, and range of protection, it is imperative for insurers to create clear USPs and fight off competition. 

Igloo wants to make insurance affordable and accessible for everyone. The insurtech identifies upcoming risks that consumers need protection against, and together with its strategic partners aims to solve them. Its technology enables it to do so in a way that delivers a seamless experience to customers. To increase insurance penetration, a deep understanding of cultural and behavioral shifts driven by changing lifestyles across the region is essential.

From Inconveniences to Emergencies, Here’s Wow Igloo’s Seamless Digital Experience makes Insurance Claims Easier and Sassle-Free

MANILA, PHILIPPINES – While we can't always predict what lies ahead, having insurance coverage can provide a safety net when unexpected events occur. From delayed flights to medical emergencies, understanding the process of making insurance claims is essential for turning setbacks into manageable situations. 

With a goal of “Insurance for All”, Igloo has made it its mission to not only provide affordable insurance products but also make filing claims easy and hassle-free. 

From travel insurance like Travel Master with COVID-19, pet insurance like Pet Insure, and MSME insurance like NegosyoCare, Igloo and its partners offer Filipinos a wide variety of products that can suit their needs and all of them are available through multiple channels including the GCash GInsure marketplace.

“At Igloo, we understand that unexpected events can disrupt lives and cause stress. This is why we’ve worked with our partners and utilized our technology to provide Filipinos easy access to microinsurance products – access that includes ensuring that the customer journey from purchasing to claiming is streamlined, straightforward, and efficient,” said Mario Berta, Igloo’s Country Manager for the Philippines. “Through this, we can educate and encourage more Filipinos to understand the importance of having insurance as in just a few clicks, they are confident that they are protected from unexpected events, big or small.”

Filing an insurance claim can be a daunting task, but it doesn't have to be. To help you navigate the process smoothly, here’s a quick guide to familiarize yourself with the process.

1. Understand your policy

The first thing you need to do before filing a claim is to understand your policy. Familiarize yourself with what it entails including coverage details, exclusions, and claim procedures as this will help you understand what’s covered and what’s not.

2. Provide accurate and complete information

It’s important to note that the acceptance or rejection of your claim depends on the information you provide on the form. That’s why to be ready to provide accurate and complete information about the incident–what happened when it occurred, and any relevant parties involved.

3. Ensure proper documentation of the incident

As part of providing relevant and accurate information, remember to always document the incident. Take photos or videos of the situation if possible. Always remember to submit copies of your identification documents–IDs, passports, etc–and other documents you may need to support your claim and expedite the process.

For example, if you’re claiming your travel insurance, keep your tickets, booking documents, receipts, etc; for pet and health insurance, ensure that you have a copy of all necessary documents–police reports (if applicable), medical certificate, lab tests and requests, and even a doctor’s statement if needed.

4. Submit claims online

For Igloo products on the GCash GInsure page, submitting claims is as simple as going to your My Insurance tab and selecting the product you need to file a claim. You will then be redirected to the claims form of the underwriter where you will need to input necessary information for the claim to be processed.

Your insurers will guide you through the process and the documentation needed for the claim. After filing the claim, depending on the product and the situation upon which the claim was made and the documentation provided, processing may take anywhere between 24 to 48 hours.

“Different products require different supporting documents and we’ve taken great care to ensure that together with our insurance and platform partners we can improve the claims process while effectively communicating to our customers what they need to prepare to file claims and make the process as seamless as possible,” Mario added.

With a range of affordable products available through various channels, customers can find the right coverage to suit their needs. And, in the unfortunate event that a claim needs to be filed, Igloo has streamlined the process to make it as hassle-free as possible. With Igloo, Filipinos can have peace of mind knowing they are protected from small inconveniences to emergencies.

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia,  Thailand,  the  Philippines,  Vietnam, and  Malaysia, and tech centers located in India and China.  With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk,  create new revenue streams,  and optimize and enhance existing products and services.  Igloo has partnered with over 70 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech, and financial services.

For more information, please visit https://www.iglooinsure.com/.