- Ignite by Igloo is an intuitive AI-backed platform that aims to maximise the productivity of insurance sales intermediaries
- It will help them discover, compare, and sell products that address customers’ needs on a single platform
- Indonesia is the second market in SEA to launch Ignite, following its success in Vietnam
- Ignite in Indonesia currently offers motor and personal accident insurance with more products coming online in the next months
Jakarta, 25 August 2022 – Regional insurtech firm Igloo has launched an AI-powered platform, Ignite by Igloo, to enhance the productivity of partners and enable a faster sales cycle by making it simple, smart, and more efficient. Offering a variety of insurance products on a single platform, Ignite allows easy comparability, and supports partners in improved customer engagement and managing products to better address their needs.
According to the Financial Services Authority (OJK), at 1.9% Indonesia has the lowest insurance penetration rate in Southeast Asia. The pandemic brought in further distribution challenges, impacting new business by 40% and calling upon sales intermediaries to rapidly recalibrate to digitisation.
Following the success of Ignite in Vietnam, Indonesia is the second market to launch the digital platform. Along with offering the convenience of selling products anywhere, anytime, Ignite also allows direct sales intermediaries to offer protection solutions to their customers.
“In Indonesia, there is a huge opportunity to enhance insurance penetration through new distribution channels, given the advancements in the digital economy and fast-growing consumer class. Having seen the momentum Ignite has gained in Vietnam, we are confident that Indonesia will also benefit significantly from the platform,” said Amitabh Singh, Regional Head, Intermediary Platform Services.
Tailor-made Solutions for Intermediaries to Streamline the Sales Process
By unifying sales and customer data in one place, Ignite also enhances productivity by reducing paperwork for the insurance sales intermediaries:
- Real-time customer updates and timely notifications on claims and settlements, policy renewals
- Team and sales data management tools to reduce the time of manual reporting with data management and analysis tools
- Transfer/receive commissions straight into their bank account
- Ignite also offers FastQuote, a feature that shortens the purchase flow by calculating premiums and generating quotes within seconds
Ignite currently offers motor and personal accident insurance by 8 insurers namely Tugu, Takuful UMUM, TOB, Sompo, Sinarmas, Malacca Trust Insurance, Lippo Insurance, and Zurich Insurance. Ignite aims to integrate more products like travel and property soon, to offer even more diverse choices for the partners and their customers. Over 1000 sales intermediaries in Indonesia are already using Ignite to maximise their performance and the network continues to expand further.
Raunak Mehta, Co-founder and Chief Executive Officer of Igloo, further added, “There is a critical need to streamline the sales process and introduce greater efficiencies and convenience for intermediaries. Ignite addresses this challenge by combining our expertise and technology to make insurance more personal and accessible throughout the markets we serve. Going forward we also have plans to replicate the success of Ignite in other SEA markets as well.”
Committed to Expanding Footprint in Indonesia Bringing Affordable, Accessible Insurance through a Strong Distribution Solution
Prior to launching Ignite, Igloo in Indonesia has successfully worked through an embedded insurance model with partners like RedDoorz offering Guest Protection, leading e-wallet DANA offering Gadget and Gamer’s Health Protection, and the largest e-commerce company Bukalapak, offering six products including, Transit, Electronics, Goods Protection, among others.
To date, the insurtech firm has facilitated over 200 million policies across the region and aims to extend protection solutions to more underserved sectors in the region, through initiatives such as decentralised finance and blockchain integration. Igloo’s strong business potential lies in Southeast Asia’s growing digital economy, which is expected to hit US$300 billion in 2025. The increasing digital insurance penetration opens up new opportunities for digital players and insurance companies which are worth over US$10 billion in the region.
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About Igloo
Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres are located in India and China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. Igloo has partnered with over 50 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.
For more information, please visit https://iglooinsure.com/.
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