INSURANCE TECHNOLOGY firm Igloo on Tuesday has launched digital insurance sales intermediary Ignite in the Philippines, it said on Tuesday.
“We understand that insurance is still very relationship-based in the Philippines and most insurance sales here are being facilitated in person by insurance intermediaries and brokers. The lack of technology integration or a consistent platformized approach has posed multiple challenges — most of the process is being conducted via a single insurance intermediary, single product, single insurer, leading to limited ability to earning more and referring more product,” Igloo Co-Founder and Chief Executive Officer Raunak Mehta said in a statement.
“By launching Ignite in the Philippines, Igloo is on a mission to help boost the efficiency and productivity of nearly 271,000 active life and nonlife insurance intermediaries in the country,” he added.
Ignite is meant to enhance sales processes, streamline client management, and improve customer service, Igloo said.
The digital platform was initially launched in Vietnam in 2022 and then in Indonesia the following year. It features 42 products across nine categories, including travel, pet, and motor protection plans from leading insurers.
Ignite features a user-centric interface for browsing, a quote system that allows for premium calculations and quote generation, secure payment processing, and team and data management tools for manual reporting and analysis.
Users can also track and report referral fees in real time directly to their bank accounts.
“Through Ignite, we are addressing these pain points by consolidating product offerings from multiple insurance companies, helping them digitalize their processes, and providing a secure all-in-one platform for all they may need as insurance intermediaries,” Mr. Mehta said.
“We see Ignite as a key product in furthering the region’s insurance penetration,” Mr. Mehta said. “Despite rapid digitization, agents remain crucial in Southeast Asia’s insurance sales. Ignite provides them with the tools and skills they need to succeed. We’re also looking to improve the app with new product offerings and features. We’ve received very positive feedback from insurers across multiple markets, especially about Ignite’s partner onboarding, management, and performance functionality, which benefits both general and life insurance sales.”
Igloo will also be launching iLearn, which will give agents access to training to improve their insurance product knowledge, technical skills, sales strategies, and customer handling skills.
To increase partner recruitment, it will also launch a microsite to provide a centralized platform for potential partners. — AMCS
