Igloo expands insurtech into the Philippines
Based in Singapore, Igloo’s infrastructure is powered by AI (artificial intelligence) and Big Data, enabling it to provide bespoke policy offerings which are both more affordable and better suited to customers' needs.
The company’s technology is based entirely in the cloud, allowing for enhanced scalability, market development and product diversification. Igloo’s platform centres on four core aspects:
- APIs (application programming interfaces) for easily integratable insurance products.
- Seamless onboarding through a KYC (know your customer) workflow.
- Real-time risk assessment model which allows for dynamic pricing.
- Smart-claims management system.
Insurtech continues to grow in the APAC region
Following on from our where we tracked the upwards surge of insurtech in the Asia-Pacific (APAC) region, Igloo and its partners’ decision to accelerate expansion plans appears to be well-timed. As Harshveer Singh, Partner at Bain & Co, remarked:
“It's a much younger region, and the adoption of e-commerce and digital has been incredible. Openness to tech brands, supported by very friendly, benign regulators who are creating sandboxes for experimentation to happen.”
Raunak Mehta, Chief Commercial Officer at Igloo , “In this technology-driven era, Igloo sees the need for the transition from a traditional insurance industry into a digital-driven insurance ecosystem. People today are exposed to highly personalised experiences driven by data, and their experience with insurance products should be no different.
“Our digital-first approach, growing product portfolio and best of practice learnings from the region can help to increase insurance awareness and provide Filipinos with access to affordable insurance that addresses their needs and bridges the insurance gap in the country," he said.
Still a young company (it was founded in 2016), Igloo has progressed rapidly following the conclusion of its US$16mn Series A funding round in late-April 2020. Wei Zhu, Founder and CEO, that a digital-first strategy was integral both for the company and the industry generally:
“We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8