Igloo reports faster claims and higher sales with AI adoption

Claims response times have fallen from up to three days to one minute.

Igloo plans to become fully artificial intelligence (AI) native by 2026, putting artificial intelligence at the core of its operations to improve efficiency and support insurers’ growth across Southeast Asia.

AI-powered product recommendations have cut customer drop-offs by 24.7%, with 70% of customers selecting AI-suggested plans and a 2.2-times increase in insurance add-on purchases.

The company said its AI strategy now covers most parts of the insurance value chain, including product management, sales, and claims.

Claims response times have fallen from up to three days to one minute, whilst adjudication accuracy has reached 98%. Manual claims work has been reduced by 70%.

Igloo reported a 200% net dollar retention rate and expects to break even on EBITDA by 2026.