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

As part of its ongoing efforts to provide accessible and affordable insurance for all, regional insurtech Igloo, together with the Philippines’ largest mobile network Smart, has announced phone protection plans for its growing 55 million subscriber base.

This partnership not only furthers Smart’s commitment to enhancing customer experience but also highlights Igloo’s mission to provide as many avenues to device protection as possible for Filipinos, especially with the country being one of the social media capitals in the world.

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."

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.

Insurtechs have facilitated the seamless integration of insurance into the purchase journey across diverse platforms, including e-commerce, fintech, and logistics. They have also made it possible for brick-and-mortar establishments such as convenience stores to become viable distribution channels to enhance accessibility and awareness of insurance products, bringing offline consumers online. Insurtech firms likewise empower insurers to create personalized products, meeting the unique needs of underserved sectors and effectively managing emerging risks in digital consumers' lifestyles today–these include pet insurance, travel insurance, electronic and mobile phone protection, and even micro, small, and medium business insurance.

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.

Regional insurtech Igloo Launches New travel insurance product - Travel Master with COVID-19 in partnership with GCash and Malayan Insurance

●  Regional insurtech Igloo, GCash and Malayan Insurance continue to strengthen existing partnership with the launch of a  new travel insurance product

● GCash Travel Master with COVID-19 offers comprehensive coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection

● It is the fourth product launched under the partnership between Igloo and GCash

● Reprise in travel after pandemic lockdowns drive tourism in the Philippines with 85% of the Philippines’ GDP attributable to domestic travel

Regional insurtech firm Igloo, in partnership with GCash and leading local underwriter Malayan Insurance, recently launched Travel Master with COVID-19, a comprehensive travel insurance product to be offered and purchased on the e-wallet. The brand-new product offers coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection. With tourism on the upswing due to the easing of restrictions, Travel Master with COVID-19 will enable Filipinos to undertake trips with assured protection in the event of a medical emergency due to the pandemic.

In the forum titled ‘The Philippines and Revenge Tourism – Are We Ready?’ Tourism Secretary, Bernadette Romulo Puyat shared that ‘Revenge Travel’ or leisure travel that follows a period of being unable to travel is driving the tourism boom in the country. Since easing restrictions in February 2022, the country has seen a gradual rise in travel - particularly to local destinations - among Filipinos. In fact, 85% of tourism contribution to the gross domestic product can be attributed to domestic travel, which is expected to grow further with the opening of more local destinations. Travel Master with COVID-19 will help Filipinos be prepared for health and travel risks for their trips.

Regional insurtech Igloo eyes more opportunities to drive financial inclusion in the Philippines with US$ 27-M in fresh funding

Following a successful $27-M Series B+ funding, regional insurtech Igloo is gearing up to further accelerate financial inclusion in Southeast Asia. Seeing tremendous growth in the Philippines, Igloo will be allocating a portion of the funding to deploy more insurance solutions and increase coverage across the country.

The first investment in Southeast Asia, the recent funding round was led by a group of global institutional investors, highlighting their shared mission of protecting the communities they serve. The investors have expressed interest in Igloo’s initiatives in the Philippines which include providing credit line insurance to entrepreneurs, half of which are women, through its partnership with Philinsure. The firm also pioneered Foodpanda’s PandaCare initiative, a comprehensive insurance package for platform workers that includes accidental death, accidental dismemberment, medical reimbursement, hospital assistance, and burial expense.