Insurance penetration in the Philippines sank to 1.6 percent in 2023 from 1.73 percent in 2022, according to Igloo, a regional Insurtech.
This decline highlights the urgent need for innovative solutions to make insurance more accessible and appealing to a broader population.
Igloo said it addresses the low insurance penetration by leveraging technology and partnerships to streamline operations across the entire insurance value chain–from insurance and intermediaries to consumers.
By digitalizing processes throughout the ecosystem, Igloo enables faster, more efficient services, seamlessly integrating insurance into everyday digital interactions such as e-commerce and travel bookings.
One key aspect of this digital transformation is the creation of digital platforms for intermediaries. Traditionally, insurance intermediaries rely on manual processes from onboard customers to settling claims, which can be time-consuming and prone to errors.
Digital tools allow intermediaries to streamline the entire process from customer onboarding to claim settlement. These tools help manage customer information, assess needs, and complete transactions faster and more accurately.
