Igloo launches Ignite app for PH insurance intermediaries

Igloo, a regional insurtech company, has announced the launch of its award-winning app, Ignite, in the Philippines to enhance the efficiency of insurance sales intermediaries by providing them with effective digital tools to streamline client management and boost sales processes.

“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 earn more and refer more product,” explained Raunak Mehta, Co-Founder and CEO of Igloo.

“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 non-life insurance intermediaries in the country.”

Ignite, which has been successfully launched in Vietnam and Indonesia, offers 42 products across nine categories, including Travel, Pet, and Motor protection plans from leading insurers.

It was recently awarded the Mobile App of the Year – Vietnam at the Insurance Asia Awards 2024.

The app features a user-centric interface for faster browsing, a quick quote system, secure payment processing, and team and data management tools, allowing intermediaries to streamline manual reporting and analysis.

Additionally, Ignite can track and report referral fees in real-time directly to 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,” Mehta explained.

The launch of Ignite comes at a crucial time, as insurance penetration in the Philippines remains low at 1.75%, despite overall growth in the financial sector.

The digital tools provided by Ignite are expected to significantly enhance the efficiency of insurance intermediaries, helping to increase insurance penetration in the country.

To further support insurance partners, Igloo is introducing a new feature called iLearn, which offers sales agents access to training content in various formats, including PDFs, infographics, videos, and quizzes.

The training aims to enhance their insurance product knowledge, technical skills, sales strategies, and customer handling skills, transforming them into trusted advisors offering comprehensive financial planning and insurance solutions.

“We see Ignite as a key product in furthering the region’s insurance penetration,” shared Mehta. “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.”