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February 10, 2021

Insurtech Igloo forges partnership with surety broker Philinsure

By Verdict Staff

Singapore-based insurtech Igloo has reportedly joined forces with Philpacific Insurance Brokers (Philinsure) to digitise the latter’s insurance offering.

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The tie-up aims to offer accessible and affordable insurance to Filipinos and plans to offer more insurance products as the partnership evolves.

Igloo chief commercial officer Raunak Mehta said that the partnership will support a very important sector in the Philippines, such as small business owners.

Mehta added: “We want to be able to provide them with affordable and relevant protection to give them the confidence to focus on their business and their livelihood.”

The digital insurance penetration in Philippines is said to be less than 1%, limiting the reach of insurance protection in the country.

Igloo will leverage its technological capabilities to offer customised insurance solutions to the consumers in an accessible and affordable manner.

Philinsure CEO Gordon Joseph commented: “We are excited to be working with Igloo as part of our effort to better drive our CSR advocacy to serve Filipino families, wherever they are in the Philippines or in the world.

“We also see that working with Igloo will help us achieve greater efficiencies in our post-pandemic digitisation programme. We look forward to working with Igloo to widen our CSR advocacy through its digital platform that is capable of providing a simple, effective means of protecting and therefore empowering the Filipino Family.”

Founded in 2016, Igloo utilises big data, dynamic risk assessment, and expedited claims management, to offer widened distribution networks to partners.

The firm made its entry into Philippines in 2019 in partnership with hotel management and booking platform RedDoorz. It teamed up with the UnionBank of the Philippines in August last year.

Till date, Igloo has sold more than 100 million policies in Singapore, the Philippines, Thailand, Vietnam, and Indonesia.

Last year, Igloo launched insurance protection programme for foodpanda drivers in Thailand.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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