PriyaPatel
TLDR:
Key Points:
- Igloo, an InsurTech firm, is expanding its footprint in the Philippines through strategic partnerships and funding.
- Partnerships with leading insurance firms and e-commerce giants have enabled Igloo to reach a wider audience and increase gross written premiums.
Full Article:
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 capitalize on the Philippines’ potential, particularly given the country’s tech-savvy population and relatively low insurance penetration rate.
Mario Berta, Country Managing Director of Igloo Philippines, highlighted the low insurance penetration rate in the country, with only three percent of the adult population currently covered. Despite this, the domestic insurance industry has seen robust growth with total gross written premiums surging by 64.3% over the last five years.
Igloo’s expansion in the Philippines is fueled by successful partnerships with leading insurance firms such as Etiqa, Malayan Insurance, PGA Sompo Insurance Corporation, and Mercantile Insurance. These partnerships 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 notable collaborations is with e-commerce giant Shopee, where the partnership with Etiqa has made affordable insurance plans accessible to Shopee’s 73 million monthly visitors in the Philippines. Additionally, Igloo’s partnership with GCash, the country’s leading e-wallet provider, offers microinsurance protection plans to GCash’s 60 million users.
Berta emphasized 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). Igloo’s innovative partnerships with foodpanda and UBX’s SeekCap offer specialized insurance products tailored to specific needs in the market.
Looking ahead, Igloo is set to continue its aggressive expansion in Southeast Asia, focusing on developing products targeting underinsured low to mid-income segments. With the digital economy in Southeast Asia projected to reach $300bn by 2025, Igloo is well-positioned to meet the growing demand for digital insurance solutions.
Igloo’s success in the Philippines showcases 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.
