Insurtech firm Igloo is set to allocate a portion of proceeds from its latest funding round on expanding its product offerings in the country.
“Following a successful $27-million Series B+ funding, regional insurtech Igloo is gearing up to further accelerate financial inclusion in Southeast Asia. Seeing tremendous growth in the Philippines, Igloo will be allocating a portion of the funding to deploy more insurance solutions and increase coverage across the country,” Igloo said in a statement on Tuesday.
The company’s initiatives in the Philippines include credit line insurance to entrepreneurs in partnership with Philinsure and Foodpanda’s PandaCare insurance package for workers.
Mario Berta, Igloo’s country manager for the Philippines, said that the company entered the Philippine by listening to customers and filling the gaps other providers have yet to address.
According to Berta, the new funding will help strengthen the company’s tech capabilities and allow them to introduce solutions targeting the underserved sectors of the company.
The company said it is in talks with insurers and the government to bring services such as the blockchain-based Weather Index Insurance, which provides immediate financial assistance to farmers affected by weather disturbances, as well as Ignite, an AI-powered automation tool for insurance agents.
“The Philippines being one of the most digitally connected places in the Southeast Asia region is an advantage for insurtech companies because technology is heavily involved in the lifestyle of Filipinos. We will leverage technology to reach out to sectors within the Philippines since every Filipino deserves to have access to insurance, no matter where they live,” Berta said.
Four years since the start of its operations in the country, Igloo said it has already facilitated over 100 million purchases of microinsurance through local partners.
