Singapore-headquartered insurance firm Igloo has announced a partnership with Union Bank and Akulaku, a multinational e-commerce platform. The firms plan to offer microinsurance policies that will protect livelihoods in the Philippines where the insurance rate is less than one per cent.
Igloo, which offers travel insurance as part of its current portfolio, will now be offering a whole suite of personal accident (PA) products on UnionBank’s API Marketplace and Akulaku’s platforms, including for family, household, Kasambahay, and Panatag Ako. The new insurance products are tailored to the local market, being easy to purchase (as it is accessible to Akulaku’s six million users and Union Bank’s many banking and finance customers), simple to understand, and highly affordable with three-, six-, nine- and 12-month plans.
“We see a huge income disparity in the Philippines,” Ian Chan, Merchandising Department Head of Akulaku, commented. "Insurance is important for every Filipino and it has proven its worth during the Covid-19 pandemic. By partnering with Igloo, we could make insurance possible for every Filipino across all income brackets."
Raunak Mehta, Chief Commercial Officer of Igloo, added: “In 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 personalised experiences driven by data, and their experience with insurance products should be no different. Our digital-first approach, growing product portfolio and best of practice learnings from the region can help to increase insurance awareness and provide Filipinos with access to affordable insurance that addresses their needs and bridges the insurance gap in the country.”
Igloo will also be launching single disease, home, business, internet security and privacy, and pet insurance products to the Philippines market in the latter half of 2020. It has set a target to introduce a new product every month.