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Igloo undertakes AI-powered sales journey into Southeast Asia

Raunak Mehta, CEO and co-founder at Igloo, said they aim to revolutionise the insurance market amidst expansion in Southeast Asia.

Insurtech company Igloo is set to make significant advancements in its operations, harnessing artificial intelligence (AI) technology to streamline the sales process for insurance intermediaries.

Igloo CEO and Co-founder Raunak Mehta said his firm aims to revolutionise the insurance market with plans to launch a rebranding initiative and introduce new features to their app in Southeast Asia.

“The focus is primarily on how we use the various aspects of what AI has to offer in terms of making the selling of insurance products a lot easier for the agents, resulting in increased engagement and sales,” said Mehta when interviewed recently by Insurance Asia.

The incorporation of AI in Igloo’s Ignite platform aims to enhance the selling process for insurance agents. By utilising data and engineering, the platform offers contextual products based on agent classifications and the needs of prospective customers.

Looking toward expansion into Southeast Asian markets, Mehta said they are taking careful consideration of both similarities and differences between the countries Vietnam and Indonesia.

He acknowledged that both markets exhibit a significant under-penetration of insurance, presenting an opportunity for Igloo to drive the inclusive insurance agenda. By recognising the unique characteristics of each market, Igloo intends to tailor fit its offerings accordingly and ensure a successful entry into these markets.

For starters, the introduction of reasonably priced insurance products, particularly in the auto and health sectors, appears to align with the growing mid-income segment and addresses the needs of customers in these countries, Mehta said.

”In terms of the product categories, it’s generally auto and post the pandemic, there’s a lot of focus on the health aspect of things,” he said, noting how Igloo perceives this similarity in primary product categories in Vietnam and Indonesia.

But the company still seeks to go beyond auto and accident insurance, eyeing collaboration with insurance partners to develop social insurance products that cater to specific customer segments and address underserved needs.

“These kinds of products are on the health side of things where we have identified certain whitespaces in the market that the traditional players are not focusing on and we see that there is a massive market out there for a certain clientele,” Mehta said.

For example, Igloo introduced a hospital income product in Vietnam, providing coverage for income loss during hospital stays.

“We’ve also used our agency workforce in Vietnam, for instance, to distribute weather index insurance products as well,” he said.

By exploring weather index insurance products, Mehta meant addressing the needs of the farming community, leveraging their agency workforce to distribute policies across Vietnam’s agricultural regions.

In Southeast Asia, where a significant portion of the population works in micro, small, and medium enterprises (MSMEs), Igloo’s focus is on developing contextual products for these businesses.

By partnering with local insurers and ensuring accessibility and affordability, Mehta said their firm is in a position to provide insurance solutions to previously overlooked customer segments.

“Since 2019, we have facilitated the distribution of almost 500 million policies across Southeast Asia across more than 70 partners,” Mehta said, showing off his company’s track record in making insurance accessible to all.
 

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