MICROINSURANCE has changed the game as insurtechs and insurance companies introduced personalized microinsurance products that catered directly to the unique lifestyles and needs of Filipinos.

As an insurtech, Igloo and its partners were instrumental in facilitating a wide array of microinsurance products that safeguarded the unique needs of digital natives and underserved sectors.

These products ran the gamut from travel insurance, electronics protection, e-commerce purchase protection and even protection for gamers' health.

Among the most popular insurance products Igloo PH and its partners facilitated were the Gadget Protection and the Online Shopping Protection.

In 2023, Gadget Protection sold 10.3 million policies while Online Shopping Protection sold 1.98 million policies. This highlighted strong customer demand for coverage against electronic device damages and online purchase risks.

As of September 2023, microinsurance premiums in the Philippines increased by 19.6 percent to P10.16 billion. Over 56 million Filipinos were now insured under microinsurance policies.

According to a recent study conducted by Manulife, 41 percent of Gen Z individuals planned to purchase insurance online in the next 12 months.

This was where the availability of embedded insurance was able to expand the channels of distribution, providing consumers with a convenient way to discover, evaluate and purchase products in just a few clicks.

Igloo did this through partnerships with major e-commerce platforms such as Lazada and Shopee, leading payment platforms such as DANA in Indonesia and GCash in the Philippines, and retail chains such as Circle K in Vietnam.

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