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insurance penetration is at a mere 1.68%, the industry is grappling with persistent challenges such as complexities, outdated systems, and regulatory hurdles.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/. 

Tips for New and Seasoned Pet Owners on How to Keep Happy, Healthy Pets

MANILA, PHILIPPINES - Filipinos adore having pets. With 79% of Filipinos being pet owners, it’s no surprise that they find joy in taking care of animals, whether they're of the feathered, furred, or even scaled kind. But beyond the joy of companionship and protection, pets offer a multitude of health benefits, including increasing opportunities to exercise and socialize and even alleviating feelings of loneliness, allowing pet owners to live healthier, happier lives.

Pets offer unconditional love to their families, and as such, it is every pet parent’s responsibility to ensure that their pets are also living their best and healthiest lives. So if you’re planning to be a first-time pet parent or a pet parent looking for tips on how to care for your pets better, here are some tips to take into consideration.

Ensure that your pet can thrive in the environment you’re in

Yes, pets are cute and are a joy to have around but the first step for any prospective pet owner is to gauge if the pet you want to take care of can thrive in the environment you’re living in. In the Philippines, that means looking for pets that can live in tropical climates.

For furry animals like cats and dogs, this means looking for breeds that have the right kind of coats and body structures. Otherwise, pet parents should invest in creating the right environment for their pets, including proper temperature regulation and ventilation.

Feed your pets food that’s proper and healthy for them

A responsible pet parent should always do research on what to feed their pets. Like humans, pets can have intolerances, allergies, and even food that are poisonous for them. It’s important to learn about what a proper, balanced diet is like for your pet and this can be done through research and through consultations with your veterinarian.

Exercise your pets

Pets need exercise, as this not only helps them burn their energy but also keeps them limber and mentally and physically healthy, as in the case of dogs. Just make sure that the type of exercise you give your pets is appropriate for them, as different pets and breeds require different kinds of exercise.

Keep up with their checkups and vaccinations

Taking care of pets is very much like taking care of ourselves–they need proper nutrition, exercise, and regular medical checkups. According to the American Veterinary Medical Association, all pets should receive a physical medical examination at least once a year. These visits include regular vaccinations and treatments to ensure that they are healthy, as unlike humans, pets may not be able to communicate or show outward signs of disease or injury–things a trained veterinarian can spot and provide treatment and guidance on.

Invest in pet insurance

Routine vet visits and even unexpected medical emergencies can put strain on a pet owner’s finances, which is why it’s important to consider getting a pet insurance product like Pet Insure,

Pet Insure is a customized non-life product specifically designed to protect the health of dogs no matter their breed, allowing dog parents to fully address the needs of their fur babies, including emergencies and accidents.

Regional insurtech Igloo, together with Malayan Insurance and GCash, created Pet Insure to afford owners convenience and security as it offers three-in-one coverage that includes medical reimbursement for veterinary care up to a maximum of P100,000; owner's liability coverage of up to a maximum of P250,000; and a personal accident cover for dog owners worth P50,000 for as low as P650 for a one-month coverage on the GCash GInsure marketplace.

Having pets is a huge responsibility, and every pet owner must recognize the importance of ensuring that their pets are healthy, thriving, and happy. Learn more about how Pet Insure can protect your pet here.

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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  centres in China and India.  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 optimise  and  enhance  existing  products  and  services.  Igloo  has  partnered  with  over  55  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/.

Protecting your “Budol” finds: How Insurance Plays a Role in e-Shopping

MANILA, PHILIPPINES – Filipinos love to shop online–a recent report by data and analytics firm GlobalData showed that nearly 90% of Filipino consumers have shopped online in the last six months. This has put the growth of the e-commerce market at 31.3% in 2022 and is expected to grow by 22.9% and reach a value of P615.7 billion within the year.

Along with the widespread adoption and convenience online shopping offers comes the risk of frauds–from fake products to sellers who send defective products or send no product at all. 61% of Filipinos reported being targeted and/or victims of fraud in the past three months, according to a Q4 2022 Consumer Pulse Study by consumer credit reporting agency, TransUnion. This is a significant increase from the 55% reported in Q3 of the same year. While phishing remained the most commonly reported fraud scheme (51%), third-party seller scams on legitimate e-commerce sites came in third (33%), indicating a concerning trend that puts Filipino online shoppers at risk.

So before you whip out your smartphone and click buy on that item you’re itching to get your hands on, here are a few tips you can do to protect your “budol” finds and your hard-earned money from online shopping frauds:

Buy from official stores or legitimate sellers

Sometimes when browsing through online stores, you’ll undoubtedly encounter a deal that’s too good to pass up but before you bite the bullet and check out, take a few seconds to check the seller and make sure that they are legitimate sellers or official stores.

Buying from official stores and legitimate sellers ensures that the products you’re buying are authentic and are of good quality. Plus, some e-commerce platforms also offer additional perks when you buy from these stores including warranties, free shipping, and even money back guarantees.

Check the reviews

You’ll undoubtedly come across multiple products being sold by different stores online and the sheer number of options can be overwhelming. One way to weed out the best deals and items is to check reviews from previous buyers.

Check the review section of the product you’re eyeing on e-commerce platforms or if you’re buying from Facebook Marketplace and other social media pages, see if you can find a business page where previous customers have left reviews.

Reviews are helpful in helping you make informed decisions on your purchase–if the item is worth buying, if the seller is legitimate, cooperative, and responsive, or if there are any watch outs like long delivery lead times or trouble when it comes to repairs, returns, or refunds.

Compare prices

If you’re on the lookout for a good deal, it never hurts to compare prices. Several sellers will have the same exact product on sale and it’s good to take a second and look at other sellers before deciding on where to buy.

Some stores may offer the same price but throw in other perks like free shipping for no minimum spend, extended warranties, a small freebie, or the lowest price offered on the platform. A word of caution on super low prices, if it seems too good to be true, it probably is, and it would be beneficial to check if the seller is legit and the products reviews before deciding where to buy.

Get an online shopping insurance to protect your purchases

One of the main advantages of shopping online is the time it saves from selection to purchase–you don’t need to go to a physical store and buy an item as with a few clicks, the item will be on its way to you within a few days.

However, its main advantage can also be a disadvantage as you’re buying something sight unseen–you really can’t check the quality of the purchase until it’s already delivered. Even if you follow all the steps to make a good purchase, sometimes you may still receive a bad or fake product, or it may not even show up at all.

Designed to protect consumers from e-commerce scams and frauds, Igloo and GCash collaborated on an Online Shopping Insurance that provides coverage for undelivered goods and uncontactable sellers, partial delivery or fake goods for up to P150,000 for as low as P15/month.

Policy holders can file multiple claims until they reach their benefit amount after which the policy expires and will require a shopper to apply for another policy.

By following these steps, you can reduce your risk of falling victim to online shopping fraud and scams, safeguard your “budol” finds and shop worry-free.

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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 in China and India. 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 55 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.