Singapore-based insurtech firm Igloo is partnering with Philippines-based insurance broker Philpacific Insurance Brokers (Philinsure) to provide access to digital insurance products in the country. The products will target mostly micro, small and medium-sized enterprises (MSMEs). Igloo said in a statement that the goal of the partnership is to provide accessible and affordable insurance to Filipinos in the country to support their need for security and protection.
Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.
Raunak Mehta, chief commercial officer of Igloo told the media, “This pandemic brought about an urgent need for traditional industries to tap technology, and this is especially evident in the insurance sector in the Philippines. This partnership with Philinsure aims to support a very important sector in the Philippines, such as small business owners whose work has a very real and immediate impact on their communities. We want to be able to provide them with affordable and relevant protection to give them the confidence to focus on their business and their livelihood.”
It is also reported that the Singaporean life insurance industry has grown by 3 percent in the fourth quarter of 2020 despite economic uncertainties and the coronavirus pandemic. According to the Life Insurance Association, Singapore (LIA Singapore), it recorded a total of SG$4.38 billion in weighted new business premiums for the fourth quarter of 2020.