Southeast Asian insurtech firm Igloo is moving to expand its role in the Philippines from a distributor of embedded insurance to a back-end technology provider for banks, telcos, and digital platforms, as it taps a market with low insurance penetration but high digital adoption.
The company outlined its 2026 strategy alongside the appointment of Ramjit Lahiri as Philippine country head, signaling a push to integrate insurance products into apps and financial services already widely used by Filipinos.
Despite steady growth in the sector, gaps remain. Data from the Insurance Commission show total premiums reached P502.6 billion in 2025, up 14.1% year on year.
However, insurance penetration remains at around 1.78% to 1.79% of gross domestic product, below the regulator’s 2% target and trailing regional peers. Estimates also place the country’s catastrophe protection gap at about 98%.
“The Philippines has one of the largest protection gaps in Southeast Asia, and also one of the most digitally engaged populations in the world,” Lahiri said.
“The answer is to plug insurance into consumer-facing apps, platforms, and financial services Filipinos already trust, and to make that experience as simple as buying a top-up. That is what Igloo’s technology does, and that is what we will scale aggressively in 2026.”
Igloo said it has partnered with more than 40 platforms locally and launched over 55 insurance products, including a tie-up with ride-hailing firm Angkas that provides accident and medical coverage for thousands of riders at minimal per-ride premiums.
Lahiri, a former chief executive of Carmudi Philippines, brings experience in building digital marketplaces tied to financial services. He previously held roles at Lamudi Philippines and OYO Philippines.
Under his leadership, Igloo aims to deepen partnerships with major platforms such as GCash, Shopee, Lazada, and Smart Communications, while expanding into banking, consumer finance, and health segments.
Priority areas include insurance coverage for gig workers and micro-entrepreneurs, as well as products tied to climate and catastrophe risks — seen as critical in a disaster-prone country.
“This is only a glimpse of what embedded insurance can achieve in the Philippines. Ramjit’s experience building digital marketplaces backed by deep financial services partnerships is exactly what we need to lead this next phase,” said Raunak Mehta, co-founder and CEO of Igloo.
“Over the next two to three years, we expect rapid scale in the Philippines, and we will continue rolling out AI-powered features that make insurance faster, more accurate, and more accessible for Filipino consumers and the platforms that serve them.”
Igloo said its platform currently processes more than 80 million policies monthly across six Southeast Asian markets and has facilitated over 1.6 billion policies to date.
