Igloo Partners with Chubb Life to Expand Insurance Solutions in Southeast Asia
Singapore-based insurtech firm Igloo has formed a strategic alliance with Chubb Life Insurance Vietnam and PT Chubb Life Insurance Indonesia. This collaboration allows Igloo to provide insurance solutions in Vietnam and Indonesia through its sales intermediary platform, Ignite by Igloo. As Igloo expands into life insurance, this move diversifies their range of offerings to include life and health products, complementing their existing general insurance portfolio.
Ignite by Igloo operates in these markets, working with over 40 insurance carriers and 75 distribution partners. The platform enhances the sales process by automating tasks and offering agents in-app training via iLearn modules. This enables agents to access a wide array of insurance products through a unified interface, streamlining their workflow.
The penetration of life insurance in Southeast Asia is relatively low, with life insurance premiums accounting for about 1.3% of GDP in Vietnam and 1% in Indonesia. To address this gap, the partnership utilizes Chubb Life's expertise in underwriting and product development. This, combined with Igloo's expansive agent network and digital distribution capabilities, aims to improve life insurance accessibility in these markets.
Raunak Mehta, CEO of Igloo, highlighted the partnership as a pivotal advance in their strategy to become a central operating system for insurance across Southeast Asia. By merging Chubb Life's premium products with Igloo’s advanced technology and agency platform, agents can more effectively offer tailored life, health, and critical illness insurance options. Igloo plans to deploy AI across their entire agency management cycle to streamline processes such as onboarding and training.
For Chubb Life, the partnership secures access to Igloo’s local agent and distribution networks in Vietnam and Indonesia, aligning with Chubb's goal of providing accessible life and health insurance solutions. Sang Lee, President of Chubb Life Southeast Asia and New Zealand, emphasized that the collaboration will enable Chubb Life to deliver quality health and life solutions directly to consumers efficiently.
The partnership is set to commence in June, with additional product launch details and regional initiatives to be announced. Chubb Life's offerings, including life, health, and critical illness coverage, will be distributed via Igloo’s AI-driven platform, complementing the current general insurance options available through Ignite.