Igloo, a Singapore-based regional insurtech company, has introduced a new suite of digital solutions designed to reshape the insurance industry in Southeast Asia. Announced on Monday, the new offerings aim to provide insurers and brands with a complete set of digital tools that will create new revenue streams, streamline operations, integrate artificial intelligence (AI) capabilities, and support scalable growth.
The new suite of products builds on Igloo’s success in embedded insurance, sales mediation, and consumer services, capitalizing on emerging opportunities driven by AI advancements. Citing McKinsey’s Global Insurance 2025 report, the company notes that AI has the potential to modernize and simplify the insurance value chain, prompting insurers to reconsider how they design, price, and deliver their products.
Igloo’s goal is to become a trusted partner for insurers and brands by providing solutions that fully leverage these growth opportunities. To date, over 75 insurance companies and commercial partners spanning sectors like fintech, e-commerce, logistics, and telecommunications have adopted Igloo’s technology. This has enabled them to increase revenue, enhance operational efficiency, and gain new capabilities without the need to develop their own technical teams or infrastructure.
Raunak Mehta, Igloo’s co-founder and CEO, highlighted the significant digital gap within the insurance industry, particularly in the Asia-Pacific region, where insurers allocate just 2-3% of their gross written premiums (GWP) to technology. “There is a considerable digital divide in the industry,” Mehta said. “Digital transformation is no longer optional; it’s critical. Igloo Tech Solutions is designed to bridge this gap by equipping insurers with the tools necessary to modernize their operations, improve customer experiences, and drive rapid growth.”
A key feature of Igloo’s offering is its modular product suite, which includes Igloo Agent, Igloo Consumer, and Igloo Partner. These products are powered by Igloo’s flexible no-code core platform, Turbo, which can be customized to meet the specific needs of businesses—whether that’s optimizing agent networks, providing seamless consumer experiences, or integrating advanced claims management systems.
Igloo is also rapidly expanding its AI-driven capabilities. For example, the company has developed an AI-powered claims agent that allows users to submit claims and upload necessary documentation seamlessly via chat, with claims processed within minutes. Claims are either approved or rejected immediately, with detailed feedback to help users correct any errors, thereby reducing the burden on claims teams and improving customer satisfaction.
Additionally, Igloo’s AI fraud detection system further streamlines claims processing. It assesses claim parameters and automatically flags fraudulent cases for review by claims and fraud teams. By combining Optical Character Recognition (OCR) technology with Large Language Models (LLM), Igloo’s AI can understand contextual data and semantics, helping it detect fraudulent or inconsistent claims with greater accuracy.
Mehta emphasized that Igloo is at the forefront of AI-driven innovation in the insurance industry. “No one understands better than Igloo how AI and Agentic AI are revolutionizing the way insurance is bought, sold, and managed,” he said. “Through our close collaboration with insurers, intermediaries, distribution partners, operations, and claims teams, we’ve gained valuable insight into the industry’s challenges. Our AI capabilities have made significant strides, making our tech solutions unmatched in the market.”
Related Topics:
Rising Auto Insurance Costs Boost Mini HULL Popularity in Ukraine
Bupa Hong Kong Expands Mainland Network with Four New Partnerships
South Korean Insurers Report $159 Million in 2024 Overseas Profits
