Sun Life Bags No. 1 Spot in Philippines’ MDRT, Sole PH Firm in Global Top 50

Marking Ignite by Igloo’s (“Ignite”) third year since its launch, regional insurtech Igloo has announced Ignite’s launch in the Philippines to help insurance sales intermediaries in the country digitalize and employ effective digital tools to enhance their sales processes, streamline client management, and provide superior customer service.

“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,” said 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 is a digital platform that helps agents sell easier, faster, and more effectively. The app, launched in Vietnam in 2022 and Indonesia the following year has 42 products across 9 categories including Travel, Pet, and Motor protection plans from leading insurers. Ignite was recently awarded the Mobile App of the Year – Vietnam at the Insurance Asia Awards 2024.

Ignite’s features aim to foster seamless processes in interactions with customers and teams, including a user-centric interface for faster browsing, a fast quote system for quick premium calculations and quote generation, secure payment processing for confident transactions, and team and data management tools to streamline manual reporting and analysis. Additionally, they can track and report referral fees in real time directly to their bank accounts.

Insurance sales intermediaries are burdened with tasks such as filling out applications, issuing policies, processing premium payments, and settling claims, this is why digital tools like Ignite are essential for them to enhance their efficiency and help increase insurance penetration in the Philippines, which remains low at 1.75% despite overall growth in the financial sector.

“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.

New Ignite features to aid insurance partners

There is a growing emphasis on value-added services and financial advisory roles beyond selling. As consumers become more informed and discerning, insurance partners are transitioning from mere policy sellers to trusted advisors offering comprehensive financial planning and insurance solutions.

To support this shift, Igloo is introducing a new feature called iLearn, which provides sales agents with access to training content in various formats, including PDFs, infographics, videos, and quizzes. This comprehensive training will enhance their insurance product knowledge, technical skills, sales strategies, and customer handling skills, ensuring their success as trusted advisors.

“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.”

Igloo has also launched a new microsite to aid partner recruitment, providing a centralized platform to attract and inform potential partners about the platform and sign up to become full-time and part-time Ignite insurance sales intermediaries.

As Ignite continues to evolve, Igloo continues to explore ways to offer insurers the platform as a tech solution, enabling their agents to digitize operations and enhance sales effectiveness. Through continuous innovation and the integration of new product offerings and features, Igloo aims to bridge the gap between traditional insurance practices and the digital future, ultimately ensuring that more people can benefit from reliable and affordable insurance coverage.