A full-stack insurtech firm, employs big data, dynamic risk assessment, and expedited claims management, to provide partners with widened distribution networks and allows consumers access to customized insurance solutions. Since the company was founded in 2016, Igloo has already benefited over 15 million customers in Singapore, the Philippines, Thailand, Vietnam, and Indonesia.
Philippines has one of the most significant insurance gaps in the world, according to Igloo. In 2018, the insurance penetration rate in the country stood at less than 1%, and the relative cost of the insurance gap represented 1.3% ($4.2bn) of its GDP. To close this gap, the market for micro-insurance products has been growing. The penetration of micro-insurance in the Philippines is one of the highest globally – making up to 25% of its population last year, and expected to reach 48% by 2022.
This technology-driven era, Igloo sees the need for the transition from a traditional insurance industry into a digital-driven insurance ecosystem. People today are exposed to highly personalized experiences driven by data, and their experience with insurance products should be no different. Through the partnership, Igloo’s micro-insurance products are now made available on Union Bank’s API Marketplace. This plays a vital role in enabling and boosting insurance penetration rates in the Philippines through innovative means, and contributes to our shared goal of financial inclusion as Filipinos will gain greater access to affordable insurance solutions.