Singapore-based insurtech Igloo has teamed up with Philpacific Insurance Brokers (Philinsure) with an aim of digitizing the latter’s insurance offering.
The aim of the collaboration is to provide accessible and affordable insurance to Filipinos in the country targeting micro, small- and medium-sized enterprises (MSMEs) as the partnership evolves. MSMEs make up majority (99.5%) of the nation’s businesses and employ about 63% of workforce.
In a statement, Chief Commercial Officer of Igloo Raunak Mehta said that the partnership will support small business owners. Igloo will provide them with affordable and relevant protection and increase their confidence to focus on business and livelihood.
The availability of insurance protection in Philippines is largely offline and traditional where the accounts for a digital insurance penetration is less than 1%. Igloo will enhance the digitization capabilities and offer customized insurance solutions in an affordable and accessible manner.
Founded in 2016, Igloo is a full-stack insurance firm dealing with dynamic risk assessment, expedited claims management, and big data for partners and customers. Since the inception, Igloo has sold more than 100 million policies in the Philippines, Indonesia, Vietnam, Thailand, and Singapore.
With the partnership, Igloo will strengthen its position in the Philippine market and expand on different verticals to customers, banks, logistics, and fintech firms.