Igloo launches insurtech platform in Indonesia
Singapore-based insurtech firm Igloo has rolled out its artificial intelligence-powered platform in Indonesia to enhance the productivity of insurance sales intermediaries and enable a faster sales cycle.
Offering a variety of insurance products on a single digital platform, Ignite by Igloo aims to support partners in engaging with customers and managing products to better address client needs.
According to the Financial Services Authority, Indonesia has the lowest insurance penetration rate in Southeast Asia at 1.9%, with the pandemic compounding distribution challenges.
Amitabh Singh, regional head, intermediary platform services, at Igloo, says: “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.”
By unifying sales and customer data in one place, Ignite aims to reduce paperwork for the insurance sales intermediaries. It offers real-time customer updates and timely notifications on claims, settlements and policy renewals; team and sales data management tools to reduce the time of manual reporting; FastQuote, a feature that shortens the purchase flow by calculating premiums and generating quotes within seconds; and transfer of commissions straight into intermediaries’ bank accounts.
Ignite currently offers motor and personal accident insurance by eight insurers namely Tugu, Takuful UMUM, TOB, Sompo, Sinarmas, Malacca Trust Insurance, Lippo Insurance, and Zurich Insurance. It plans to integrate more products like travel and property soon.