Igloo to expand services in Philippines

MANILA, Philippines — Al-native insurtech firm Igloo is looking to deepen its presence in the Philippines by expanding its services and partnerships with digital platforms, an official said.

Igloo country manager for the Philippines Ramjit Lahiri said it seeks to double its about 20 distribution partners in the country in the next two to three years.

“We are an insurance broker in the country, but we use technology to seamlessly make insurance available at a point of transaction where the consumer is,” Lahiri told The STAR.

He noted that the company integrates AI to streamline and optimize its insurtech services and product offerings.

He added Igloo uses AI both to improve internal productivity and enhance customer-facing services, particularly in claims processing.

“The way we look at AI is both internal and external, so internal is more towards optimizing our productivity, but when it comes to touching the lives of people the first biggest use case that we are solving is actually in the claims journey,” Lahiri said.

He added that the company aims to make claims processes more streamlined and seamless for its clients by validating documents using data-driven assessments to support claim approvals or rejections.

“Typically when people file for claims, in a market like the Philippines, there is a big gap in terms of validation of documents and there is a lot of back and forth between people submitting the documents and then an agent,” he noted.

He added that Igloo also uses Al in product design and the development of its application programming interfaces, enabling insurance products to be better integrated into partner platforms.

Igloo is a Singapore-based company that uses technology and AI to make insurance more accessible through digital platforms, banks and mobile apps.

The company partners with businesses to embed insurance products into services that consumers already use, such as e-wallets, e-commerce and ride-hailing platforms.