Regional insurtech Igloo on how insurers can attract Gen Z and boost insurance penetration in the Philippines, Southeast Asia

In Southeast Asia, insurers are grappling with the challenge of attracting Gen Z—a generation known for its financial savvy and strong desire for financial security. However, despite these traits, traditional insurance products often fail to resonate with them due to their perceived complexity and a general distrust of conventional financial institutions. This disconnect is particularly evident in the Philippines, where despite a projected compound annual growth rate (CAGR) of 9.5% which will see the country’s insurance industry’s value grow to P 209 billion in 2028, actual insurance penetration remains low at 1.6%.

This shows how the industry must address the concerns of Gen Z, a demographic that McKinsey predicts will comprise a quarter of the Asia Pacific’s population by 2025, including around 40 million Filipinos (34.7% of the Philippine population).

Award-winning app supporting insurance sales intermediary digitalization, Ignite by Igloo, launches in the Philippines

The streamlined and user-friendly app that helps partners sell easier, faster, and more effectively won Mobile App of the Year (Vietnam) at the recent Insurance Asia Awards

To mark its third year, Ignite introduced a new iLearn feature for the upskilling of agents and a new microsite to aid partner recruitment

Marking Ignite by Igloo’s (“Ignite”) third year since its launch, regional insurtech Igloo has announced Ignite’s launch in the Philippines to help insurance sales intermediaries in the country digitalize and employ effective digital tools to enhance their sales processes, streamline client management, and provide superior customer service.

“We understand that insurance is still very relationship-based in the Philippines and most insurance sales here are being facilitated in person by insurance intermediaries and brokers. The lack of technology integration or a consistent platformized approach has posed multiple challenges - most of the process is being conducted via a single insurance intermediary, single product, single insurer, leading to limited ability to earning more and referring more product,” said Raunak Mehta, Co-Founder and CEO of Igloo. “By launching Ignite in the Philippines, Igloo is on a mission to help boost the efficiency and productivity of nearly 271,000 active life and non-life insurance intermediaries in the country."

Igloo strengthens MSME support with Growsari partnership, providing insurance to sari-sari stores in the Philippines

The Growsari partnership aims to provide financial assistance to over 200,000 sari-sari stores in case of natural disasters such as floods

After launching NegosyoCare in 2023, this partnership reaffirms Igloo’s goal to provide protection products to underserved communities and industries in the Philippines and Southeast Asia

From small mom-and-pop shops around the corner, sari-sari stores, and small businesses started by young entrepreneurs, the importance and impact of these micro, small, and medium enterprises (MSMEs) cannot be overstated. These businesses account for 99.5% of the total number of companies in the country and employ 62.8% of the workforce. 

However, the same segment is often exposed to a wide range of risks, from theft, illnesses, or natural disasters. Compared to larger businesses, they struggle to manage these risks more due to limited resources.

Protect your pets from the risks of changing weather with Igloo’s Pet Insure

We’ve all been victims of the changing weather–where shifting from hot to cold leave us scrambling for comfort and protection and often challenges our immune system to keep up. It’s the allergies, flu, and colds that catch us off guard.

But did you know that the same weather-related temperature changes pose challenges for our pets, too? Just like us, they can suffer from seasonal allergies, respiratory issues, and discomfort due to sudden shifts in temperature. It's important to be mindful of their needs and take steps to ensure their well-being during these unpredictable weather patterns.

Igloo highlights importance of democratizing access to device protection with Smart partnership

Key partnership furthers the insurtech’s goals in expanding access to innovative protection products in the Philippines

The partnership of Igloo and the Philippines’ largest mobile network furthers the insurtech’s mission to provide insurance for all–and this includes comprehensive and affordable device protection

There are 59.4 million smartphone users in the Philippines in 2024, a number that is expected to grow to 91 million by 2028

From consumer finance to e-commerce, Igloo continues to facilitate protection products tailored to the needs of Filipinos and Southeast Asians

Protecting the growing freelancer and gig worker sector with Igloo's gadget protection

As the Philippines grows into a formidable digital economy, the increasing connectivity and digital infrastructure have empowered individuals to offer their skills and services globally. Freelancing or gig working allowed Filipinos to participate in the global workforce while contributing to the country’s economic resilience and competitiveness in the digital era.

Regional insurtech Igloo, whose mission is to provide insurance for all, believes in protecting this growing workforce segment. Payoneer’s 2022 report on the Philippine freelance market estimates that 1.5 million Filipinos are engaged in freelance work such as content creation and customer service for local and global clients. 

Through its new partnerships with consumer finance platforms, Igloo extends access to insurance to the underbanked

Regional insurtech furthers financial inclusion with tailored protection for products purchased through digital loan platforms

As part of its commitment to advancing financial inclusion and providing insurance for all, regional insurtech Igloo has partnered with consumer finance platforms in the Philippines to offer gadget protection products to shoppers. Igloo aims to extend access to insurance products and streamline the process of protecting items purchased through digital loans or alternative financing, whether online or in-store, providing consumers with a more accessible and convenient means to secure their purchases effectively.

“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked. This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans,” said Roberto Vea, Commercial Lead at Igloo Philippines. “This is why the consumer lending industry has risen by leaps and bounds–it caters to the needs of the unbanked population by providing alternative financial solutions such as digital loans that do not rely on traditional banking infrastructure."

Igloo and Lazada unveil protection plans for electronics, phone screens, and beauty products in the Philippines - a first for the e-commerce platform in the country

Igloo and Lazada have collaborated to provide customers in the Philippines with comprehensive protection for their purchases

For the first time, Lazada PH customers can now avail protection plans for select products upon checkout

Beauty and personal care products (47% of all online purchases) alongside consumer electronics (35%) are among the top online retail categories in the Philippines

A fourth product, accidental and liquid damage protection for non-electronics, will be available in December

2024 trends transforming Southeast Asia's insurance landscape

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. 

Regional Insurtech Igloo Reveals How Gen Z Will Shape Insurance In The Coming Years

Igloo revealed the top five ways GenZ will shape insurance in the region.

The five trends changing the landscape are speed and convenience, personalization, social impact, emerging risks, and education and awareness.

Igloo analyzes demand data from strategic partners to identify emerging risks and trends in insurance.

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.

From inconveniences to emergencies, here’s how Igloo’s seamless digital experience makes insurance claims easier and hassle-free

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.”

Opening a business in the Philippines? Here’s what you need to know to get started

In the Philippines, micro, small, and medium enterprises (MSMEs) comprise 99.58% of all businesses in the country and employ 64.67% of the entire workforce and are the driving force of the economy. These businesses, which include small community stores or sari-sari stores, water refilling stations, laundry stations, and many others, not only contribute to the country's GDP but also provide essential services to the local communities.

Such is the outsized importance of MSMEs that the United Nations (UN) designated every June 27 as International MSME Day to raise awareness on their immense contributions to the UN Sustainable Development Goals (SDGs). These enterprises play a pivotal role in driving local and national economies while also supporting the livelihoods of the working poor, women, youth, and vulnerable groups.

Igloo protects Southeast Asia's multi-billion dollar coffee industry with innovative weather insurance for farmers

Following the success of its Weather Index Insurance for rice farmers launched in November 2022, Igloo expands its reach to coffee farmers in Vietnam

Igloo’s Weather Index Insurance helps protect coffee farmers and their crops against extreme weather conditions

Igloo plans extend this protection to more markets, more communities, and more indices

Regional insurtech Igloo expands its blockchain-based parametric index insurance to coffee farmers in Southeast Asia, showing commitment to covering more underinsured communities and industries after successful product implementation with rice farmers.

Southeast Asia - a part of what is called the coffee belt - is one of the biggest coffee producers in the world. While Vietnam and Indonesia are responsible for the majority of global coffee output, the Philippines is also an important global producer with industry revenue expected to reach US$6.7 billion in 2023, according to statistics portal Statista. The local market is also expected to grow annually by 5.69% until 2025.

Protecting your “budol” finds: How insurance plays a role in e-shopping

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.

Bring your 2023 Summer Travel goals to life with these six fascinating PH vacation spots

The long, hot days of summer are finally here and if you’re one of the many who’s up for travel and adventure this season, there are many fascinating tourist and vacation spots around the country you can add to your bucket list.

A recent study by travel and experience platform Klook noted that 87% of Filipinos are raring to travel with many of their destinations of choice within the Philippines as booking for domestic destinations have exceeded pre-pandemic levels in 2022.

Domestic travel, according to the Department of Tourism, is expected to make a full recovery this year with the country’s hotel and resorts association reporting that occupancy has breached 2019 numbers and is largely driven by domestic tourism.

Igloo underscores importance of device and health protection for mobile gamers

Unleash your full gaming potential with Igloo’s device and health protection for mobile gamers

eSports is experiencing incredible growth globally with analysts projecting that the eSports market as a whole will grow to US$5.48 billion by 2029 from US$1.44 in 2022. 

The Philippines is one of the countries where eSports is becoming increasingly popular. The country is home to the biggest eSports organization in Southeast Asia and to some of the most talented esports players in the world, ranking 8th in the world in terms of skills. As a rising gaming juggernaut, 95.8% of Filipino internet users play video games across different devices. In fact, 76% of Filipino gamers prefer to play on mobile phones due to its affordability and accessibility.

Regional insurtech Igloo supports MSMEs through complete business protection with NegosyoCare

• Regional insurtech Igloo, GCash, and Malayan Insurance, introduce new insurance product for small businesses
• NegosyoCare is the first MSME insurance available in GCash that provides MSMEs comprehensive and accessible coverage for only P160 a month
• NegosyoCare is another addition to a growing line of insurance products through Igloo’s partnership with GCash

Across Southeast Asia, some 71 million micro, small, and medium enterprises (MSMEs) are driving the region’s economic recovery. These organizations also comprise almost all businesses across the region. While they form the backbone of the region’s economy, MSMEs are often the ones who are vulnerable to adverse macroeconomic conditions and unexpected events such as fire, accidents, and damages.

With this in mind, regional insurtech Igloo, in partnership with GCash and Malayan, launched NegosyoCare, an insurance product specifically designed to protect MSMEs. Igloo believes that insurance products catered to MSMEs can support inclusive and sustainable economic growth and employment for the country and Filipinos.