Sun Life Teams up with Asian Hospital and Medical Center to Champion Health and Wellness

MANILA, PH – October 2025 – In line with its mission to help Filipinos live financially secure and healthier lives, Sun Life Philippines, the country’s leading life insurer, has teamed up with premier healthcare institution Asian Hospital and Medical Center (AHMC) to launch a collaboration anchored on a shared mission of providing holistic care and protection for every Filipino.

 

Through this collaboration, Sun Life and Asian Hospital aim to promote health literacy by raising awareness about diseases and encouraging wellness education. Asian Hospital services will be made available during Sun Life events, allowing Clients to access medical support in more convenient settings. The partnership also introduces advanced medical treatments such as CyberKnife, a real-time, image-guided radiation therapy known for its painless, efficient, precise, and real-time tumor-tracking. This technology targets cancer cells while minimizing damage to surrounding healthy tissue.

 

“Sun Life is greatly honored by our partnership with Asian Hospital and Medical Center, as we share a common vision of delivering accessible world-class compassionate and integrative healthcare services to every individual,” said Al Quitangon, Chief Distribution Officer of Sun Life Philippines. “With their proven track record of excellence in the healthcare space, we are confident that this collaboration will strengthen our offerings and provide our Clients with more holistic solutions.”

 

Dr. Beaver Tamesis, President and CEO of Asian Hospital and Medical Center, added, “We are proud to partner with Sun Life, an organization that shares our mission of helping Filipinos achieve better health outcomes and overall well-being. This collaboration allows us to extend our reach and deliver compassionate, world-class healthcare to more individuals.”

 

The launch event was attended by leaders from Sun Life and Asian Hospital: Al Quitangon, Sun Life Philippines Chief Distribution Officer; Abigail Viaje, Sun Life Philippines Chief Actuary; and Dr. Beaver Tamesis, Asian Hospital and Medical Center President and CEO. 

 

Together, Sun Life and Asian Hospital are working to create a more integrated approach to health and financial care, so that more Filipinos are empowered to take charge of their well-being through accessible services, expert guidance, and compassionate support.

 

To learn more about Sun Life Philippines, visit www.sunlife.com.ph. To learn more about Asian Hospital and Medical Center, visit www.asianhospital.com.

Pru Life UK Strengthens Its Promise of Protection with “The Power of Two” Solutions

In a time when uncertainty is increasingly part of everyday life, Pru Life UK is taking another bold step to further empower Filipinos with guarantees they can count on.

At its latest launch, a first-of-its-kind curated culinary journey at Electric Garden, Bonifacio Global City, aptly themed The Power of Two: Count on Guaranteed Income and Protection with PRU, Pru Life UK introduced to market two powerful solutions—PRUSteady Income and PRUWealth 10—designed to provide steady payouts and lasting protection to help Filipinos plan, grow, and secure their future with confidence.

“Life is about the meaningful moments—big and small,” said Garen Dee, Chief Product Officer of Pru Life UK. “And no matter what every day brings, we want Filipinos to know they can count on PRU. With these two products, we give them the tools to embrace every chapter of life while ensuring that their financial plans are backed by guarantees.”

Pru Life UK aims to make financial planning simpler, accessible, and more empowering for every Filipino through its reliable solutions. By combining guaranteed payouts with reliable protection, the company addresses the growing need for stability amid life’s uncertainties. These reliable solutions were thoughtfully designed to cater to different priorities—whether it is securing steady cash flows, preserving wealth, or preparing for future milestones—helping customers take control of their financial journey with confidence.

PRUSteady Income is a 20-year endowment plan for individuals who value predictable income while ensuring strong protection for the future. It provides 10% guaranteed annual cash payouts from the 11th to the 20th policy year, a 100% maturity benefit at the end of the term, and up to 200% life insurance coverage. It delivers financial stability without sacrificing long-term growth—ideal for parents and professionals preparing for major milestones.

Targeted for affluent clients, PRUWealth 10 offers a balance of growth, preservation, and protection. Available only for a limited time, this endowment plan provides a guaranteed 5% net annual cash payout for 10 years, a 100% full premium back upon maturity, and 110% life insurance coverage based on single premium paid. Beyond these guarantees, the plan builds cash value over time, allowing flexibility to access funds when needed.

Backed by Prudential plc’s over 175 years of global legacy, and with more than two decades serving Filipinos, Pru Life UK continues to stand as the market leader in new business premiums as of H1 2025 and serves over 930,000 individual policyholders nationwide. 

“With this latest launch, we reinforce our mission to empower Filipinos to live fully today and feel secure about tomorrow,” added Dee. “We promise to provide certainty in an uncertain world with customer-focused financial solutions that are built on guarantees. Whatever your stage in life—earning, growing, or preserving—Pru Life UK has a solution that fits.”

For more information on PRUSteady Income and PRUWealth 10, visit www.prulifeuk.com.ph or follow Pru Life UK on Facebook. Product terms and conditions apply

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.

Manulife Philippines Continues Expanding its Impact Agenda with Zambales Reforestation Program

Manila, Philippines — As part of its global Impact Agenda, a long-term commitment to deliver meaningful programs that empower sustained health and well-being, drive inclusive economic opportunity, and accelerate a sustainable future to preserve the planet, the domestic arm of leading global insurer Manulife recently expanded its collaboration with leading nature conservation organization Haribon Foundation through the Forests for Life movement. 

“As we reach and engage more communities across the country through our Impact Agenda, we will continue to strengthen our community investments that will not only help us build a better business to better the world, but also foster kindness, generosity, and the bayanihan spirit among many Filipinos,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines.

11,250 seedlings to be planted in 2024 

 

Through Haribon Foundation, Manulife Philippines commits to plant 11,250 native tree seedlings, in Masinloc, Zambales this year. This expands Manulife’s collaboration with Haribon, which commenced in 2022 with a commitment to help restore Philippine rainforests by planting 15,000 seedlings in Quezon and Rizal provinces. 

The reforestation area is part of the Zambales mountains called Important Bird and Biodiversity Area in the town of Masinloc, covering 30,000 hectares of land and has been home to various endangered bird and non-bird species. The area previously hosted chromite mining operations, which resulted in the destruction of its biodiversity. Today, reforestation and protection are much needed for the damaged ecosystem to recover. 

To help advance positive environmental change, Manulife has been working on implementing its sustainability action plans. In 2022, Manulife contributed USD 25.1 million in total community investments globally. There are also 1.3 billion trees planted by Manulife Investment Management all over the world since 1985, testifying to its longstanding commitment to create more nature-positive world for its communities*. 

Manulife Volunteer Days launched in 10 markets in Asia, including the Philippines

Employee giving and volunteering is also part of Manulife’s community engagement initiatives for its Impact Agenda. During the “Season of Giving” last year, the company launched its Manulife Volunteer Days, a week-long program that provided more than 56 volunteering opportunities for employees globally to volunteer for chosen organizations within their communities. These range from tree-planting, financial literacy activities for students, and other engagement activities for ethnic minorities, elderlies, and various communities in need. 

In addition, Manulife also launched the Move for your Community in Asia, where more than 1,700 employees from 10 markets, including colleagues from Manulife Philippines, Manulife China Bank Life and Manulife Investment Management Philippines, accomplished various step goals in five days, achieving 34 million steps in total. These recorded steps were converted to community investments, such as the 900 Peso Smart learning kits for elementary school students in the Philippines through the Corazon Sanchez Atayde Memorial Foundation and Gawad Kalinga Community Development Foundation. 

“Since 2017, our financial literacy program Peso Smart has been instrumental in promoting the value of basic financial skills such as saving, budgeting, and investing among young children,” Rahul added. “As Peso Smart has expanded over the years to cater to broader segments -- including parents, educators, and university students -- we hope we can financially empower more Filipinos to live worry-free and confidently, while securing a better future.” 

Other community investments from the Move for your Community in Asia include lunches with reusable boxes for students in Cambodia from the Rabbit School across all its campuses; 10,000 lunches for students in Vietnam through the Lotus Charity Foundation; and a public sanitation facility and a clean water facility in Indonesia through Dompet Dhuafa.

For the full story on how Manulife advances its Impact Agenda in the Philippines, watch this video or visit https://www.manulife.com.ph/ImpactAgenda. For more information about Manulife, visit https://manulife.com.ph.

The Best Time to Invest in Health Protection is Now

Manila, Philippines — Young Filipinos are becoming more conscious about their health span, or how long they will enjoy good health, according to the recent Manulife Asia Care Survey. While Filipinos surveyed, on average, expect to be healthy until approximately 62, younger millennials (born 1989 to 1996) anticipate that they will only be at the prime of their health until age 55.

The pandemic brought unprecedented changes, especially regarding one’s health and finances, so Filipino millennials and Gen Zs have become concerned about financial security. They realized that they needed to start investing in life and health protection, or find more ways to grow their money, especially in light of the following concerns:

1. Their critical illness risk. Genetics, the environment, the stresses of modern living, and even binge-eating and endless feasts brought by the holidays, may conspire to put everyone at risk for various critical illnesses. Even Gen Z and millennials find that their relatively young age does not guarantee protection. For Filipinos, coronary heart diseases, tumors, and cerebrovascular conditions are the top health and mortality risks, according to the Philippine Statistics Authority (PSA). 

2. Their poverty risk. Medical treatments remain costly, and they can be challenging even for the otherwise comfortable middle class. This financial burden is a significant concern for many Filipinos, with almost half or 45% of the national health expense coming from out-of-pocket payments. At least 1.5 million Filipino families are pushed to the poverty line every year due to unexpected health expenses, according to the Insurance Commission.

3. Weakened social safety nets due to economic uncertainties. Most Filipinos rely on health maintenance organization (HMO) plans and government-subsidized health insurance programs for their protection. However, with economic uncertainties causing medical inflation to soar to as high as 12-13%, Filipinos need more resources to cover the rising costs of hospital and medical treatments. 

While they realize the importance of bolstering one’s health protection, some millennials and Gen Zs – many of whom are just starting their careers, shifting priorities, or changing life journeys – may feel held back by their limited income.

To address this gap and help make it easier for young Filipinos to boost their health and life protection, Manulife offers HealthFlex and FutureBoost.

HealthFlex, an innovative and flexible life and health insurance plan that protects against up to 112 critical illnesses and guarantees health coverage until age 100. Furthermore, if diagnosed with one of these covered critical illnesses, premiums are automatically waived, allowing them to focus on recovery instead of worrying about their medical bills. They can also customize their plans by adding coverage benefits for early-stage illnesses, second occurrences of cancer, heart attack, or stroke, and hospitalization and recovery assistance.

Meanwhile, FutureBoost is an all-in-one plan for life, savings, and health benefits that offers critical illness coverage of up to 10 times the plan’s face amount or as high as Php 15 million, and access to various investment funds where Filipinos may grow their money and boost their coverage anytime through various add-on benefits, such as hospital income benefit that can help them pay for hospital expenses while protecting their savings. With FutureBoost, young Filipinos can get early protection from critical illnesses, while they save and prepare for their life goals.

As more Filipinos seek insurance solutions but struggle with budget constraints, Manulife strives to find innovative ways to make insurance more accessible, enabling customers to personalize their health coverage while financially protecting themselves and those they love most. 

To learn more about Manulife's life and health insurance products, visit manulife.com.ph.

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.