Singapore-based insurtech Igloo has reportedly joined forces with Philpacific Insurance Brokers (Philinsure) to digitise the latter’s insurance offering.

The tie-up aims to offer accessible and affordable insurance to Filipinos and plans to offer more insurance products as the partnership evolves.

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Igloo chief commercial officer Raunak Mehta said that the partnership will support a very important sector in the Philippines, such as small business owners.

Mehta added: “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.”

The digital insurance penetration in Philippines is said to be less than 1%, limiting the reach of insurance protection in the country.

Igloo will leverage its technological capabilities to offer customised insurance solutions to the consumers in an accessible and affordable manner.

Philinsure CEO Gordon Joseph commented: “We are excited to be working with Igloo as part of our effort to better drive our CSR advocacy to serve Filipino families, wherever they are in the Philippines or in the world.

“We also see that working with Igloo will help us achieve greater efficiencies in our post-pandemic digitisation programme. We look forward to working with Igloo to widen our CSR advocacy through its digital platform that is capable of providing a simple, effective means of protecting and therefore empowering the Filipino Family.”

Founded in 2016, Igloo utilises big data, dynamic risk assessment, and expedited claims management, to offer widened distribution networks to partners.

The firm made its entry into Philippines in 2019 in partnership with hotel management and booking platform RedDoorz. It teamed up with the UnionBank of the Philippines in August last year.

Till date, Igloo has sold more than 100 million policies in Singapore, the Philippines, Thailand, Vietnam, and Indonesia.

Last year, Igloo launched insurance protection programme for foodpanda drivers in Thailand.