Regional insurtech firm Igloo is expanding its embedded insurance business in the Philippines to address the country’s low 1.9% insurance penetration rate, as per the Back End News.

To lead this domestic growth, the company has appointed Ramjit Lahiri as its new country head.

Embedded insurance aims to narrow the protection gap by integrating coverage directly into digital platforms that consumers already use frequently.

Since entering the Philippine market, Igloo has launched more than 55 customised products alongside over 40 digital partners, including Shopee, GCash, and Smart.

Recent initiatives include a collaboration with ride-hailing service Angkas, which provides medical and personal accident coverage to over 20,000 riders, and a partnership with fintech lender Skyro that offered flood and fire protection to 700,000 customers.

Igloo Co-Founder and CEO Raunak Mehta highlighted the strategy of utilising existing digital ecosystems.

“Our goal at Igloo is to make insurance more accessible to those in need across Southeast Asia, and the Philippines is a market we continue to prioritise,” Mehta stated.

Currently processing over 80 million policies monthly across the region, the company is also transitioning towards an artificial intelligence-driven model.

These upcoming AI tools are designed to accelerate claims processing, strengthen fraud detection, and enable data-driven product personalisation.

“As part of our journey to becoming AI-native this year, you will see us rolling out AI features central to improving the customer experience for Filipino consumers,” Mehta explained.

He also added that the firm expects rapid scaling in the Philippines over the next few years.

Featured image: Edited by Fintech News Philippines based on an image by smth.design via Freepik.