Protecting the growing freelancer and gig worker sector with Igloo's gadget protection

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As the Philippines grows into a formidable digital economy, the increasing connectivity and digital infrastructure have empowered individuals to offer their skills and services globally. Freelancing or gig working allowed Filipinos to participate in the global workforce while contributing to the country’s economic resilience and competitiveness in the digital era.

Regional insurtech Igloo, whose mission is to provide insurance for all, believes in protecting this growing workforce segment. Payoneer’s 2022 report on the Philippine freelance market estimates that 1.5 million Filipinos are engaged in freelance work such as content creation and customer service for local and global clients.

Igloo and its partners safeguard freelancers and gig workers by protecting their essential work devices such as phones, laptops, and other electronics through its Gadget Protection and Cracked Screen Protection products.

“Freelancers provide services that go beyond geographical limitations and with the added benefits of being able to work anywhere, choose flexible times, and the opportunity to showcase and hone their skills to global clientele, it’s easy to see why it’s a growing and attractive sector,” said Roberto Vea, Commercial Lead at Igloo Philippines.

The growing freelance sector has led to the Philippine government's initiative to pass the Freelance Worker Protection Act (HB 67183) in 2023. This bill aims to provide protection and incentives to freelance workers, including night differentials and hazard pay.

“We echo the government’s call to protect freelancers and gig workers and, with our partners, we do so by protecting the tools they use as with much of these jobs happening online, it’s crucial to protect these devices as without them, they can’t work effectively or earn income. Our gadgets and electronics products are designed to protect these devices that power the freelancer economy, ensuring they can continue their work smoothly and maintain their livelihoods,” Vea explained.

Gadget Protection ensures extensive device protection–from accidental and liquid damage and the added benefit of professional repair and service at authorized centers. The product is available via GInsure and Lazada.

Cracked Screen Protection covers screen damage caused by accidental physical impact for up to 12 months. This product is designed for phones and phone accessories purchased on Shopee, providing peace of mind for users concerned about screen damage.

To date, over 15.8 million policies of these two products have been sold in the Philippines across various distribution partner platforms since January 2023.

These products empower freelance and gig workers to boost productivity, efficiency, and career growth. Gadget Protection and Phone Screen Protection are some products that highlight Igloo’s mission to make insurance accessible and beneficial for everyone, including those in the rapidly growing freelance industry.

Learn more about Igloo’s Gadget Protection and its other protection products by visiting iglooinsure.com

Explore Love and Self-Discovery in 2024: Must-Visit Places from Your Favorite Filipino Movies

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As we step into the new year, it's the perfect time to map out your adventures for 2024. If 2023 was all about Revenge Travel to make up for lost time, 2024 is being hailed as the year for more personal travels. Booking.com's Travel Predictions for 2024 suggest a shift towards journeys motivated by a quest for deeper connections and self-discovery.

If you’re already planning your travels to find love or find yourself and need a little inspiration on where to go, here are some Filipino films that not only brought compelling stories of love but also highlighted how the destination itself (and the journey of getting there) is sometimes all that one needs to find what they’re looking for.

“Traveling is all about personal experiences. Whether you're with friends or going solo, there's always something special you discover along the way, giving you unique moments and memories. As a regional insurtech, we at Igloo, are all about providing people-first insurance services and making sure everyone can have those amazing experiences without dealing with the hassles that can mess up trips. This is why we created Travel Master, because we want to provide our travelers a stress-free experience and let them enjoy the best adventures without any interruptions,” said Mario Berta, Igloo Philippines Country Manager.

Developed in collaboration with GCash and Malayan Insurance, Travel Master offers coverage for travelers, encompassing personal accidents, flight delays, lost luggage, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and protection against COVID-19.

To get Travel Master coverage, just go to the GInsure page in your GCash app. Choose Travel and select Travel Master. Fill out the form with your travel info, and it'll quickly show you the coverage benefits and the premium cost. Once that's done, you're good to go.

Whether you're heading out locally or internationally, Travel Master is there for you, making it a flexible and essential travel companion wherever your journey takes you.

Pagudpud, Ilocos Norte - Broken Hearts Trip (2023)

Maira-ira beach, Pagudpud, Ilocos Norte/ Source: Blue Lagoon Inn and Restaurant, Klook

One of the entries for this year’s Metro Manila Film Festival (MMFF), Broken Hearts Trip, is a story about five LGBTQ individuals who are given the chance to heal from their heartbreaks as they journey across the Philippines. One of the spots they explored is Pagudpud in Ilocos Norte, often referred to as the "Boracay of the North." Accessible via land and air, Pagudpud is famed for its stunning beaches, including Maira-ira (commonly known as Blue Lagoon), Saud, and Pansian. These beaches boast white sands and emerald waters, making them an ideal retreat for those seeking solitude with their thoughts or desiring more intimate moments with loved ones as unlike other Filipino beach destinations, Pagudpud tends to be less crowded, offering a tranquil escape.

Fujiyoshida City, Japan – When I Met You in Tokyo (2023)

Chureito Pagoda, Fujiyoshida City, Japan/ Source: Japan Guide

Another entry from this year’s MMFF brings us not only a tale of finding love at the most unexpected times but finding love in some of the most beautiful places in the world. In When I Met You in Tokyo, two old hearts–one battered and bruised and one lonely and seeking comfort–find each other in Tokyo. While much of the story took place in the Japanese capital, the film also took its audience to Fujiyoshida City and the famous Chureito Pagoda, basking in the majestic view of Mount Fuji. A 2-hour train ride from Tokyo, the city offers spectacular views of the mountain. The best time to visit is either during the cherry blossom season in mid-April or in the first half of November to experience the changing colors of autumn. Here, like the stars of When I Met You in Tokyo, you may be able to find healing from past hurts and discover new beginnings against the backdrop of one of the most beautiful sights in the world.

Sagada, Mountain Province - Write About Love (2019)

Sagada, Mountain Province/ Source: Gem Muzones, Guide to the Philippines

In Write About Love, an aspiring writer sought help from a veteran yet disillusioned indie film writer to complete an unfinished script for a love story. Their collaboration eventually led them to a pilgrimage to Sagada, where upon seeing the magnificent sunset and sea of clouds, allowed the two writers to reconcile their personal issues and figure out the ending for their own love stories. For travellers who want a little more adventure and don’t mind putting in the work just to experience breathtaking views, there’s Sagada. A small town in the mountains of Mountain Province, Sagada requires more than a half day’s ride from Manila and another couple of hours trekking to get to the top of Marlboro Hills, the highest point of the town and provides an unobstructed view of sunrise and a sea of clouds.

San Juan, La Union - I’m Drunk I Love You (2017)

San Juan Beach, La Union/ Source: La Union Tayo.com.ph

A beloved romantic drama film, I’m Drunk I Love You is all about taking the chance before it’s too late. The movie revolves around two college best friends who embarked on a final road trip to San Juan, La Union, aiming to determine if their bond will remain platonic or evolve into something more. While La Union, also known as Elyu, has earned its reputation as one of the Philippines' top surfing spots, "I'm Drunk I Love You" shines a spotlight on the town's laid-back yet vibrant atmosphere. Here, bars resonate with reggae beats, serve delectable food, and are adorned with eclectic decorations reflecting both local and foreign influences.

Beyond the shoreline (surprising as it may sound), you can explore more of La Union's natural beauty by trekking to the impressive 40-feet high Tangadan Falls. With its unique blend of attractions, it's no wonder La Union has become a go-to destination, providing a comforting retreat for many travelers.

Barcelona, Spain - Barcelona: A Love Untold (2016)

Park Güell, Barcelona/ Source: Getty Images, Conde Nast Traveler

Set within the romantic and vibrant city that is Barcelona, Barcelona: A Love Untold is about two people each carrying their own emotional baggage, viewing the city as either a distraction or a chance for a fresh start. Amid the colorful ambiance of the capital of Catalonia, it becomes the setting for two people seeking different things but irresistibly drawn to each other. With Barcelona’s vibrance, it's no wonder that so many people come to immerse themselves in its rich culture. From the stunning mosaics of Park Güell to the timeless art at the Picasso Museum, there's an abundance of beauty to explore and enjoy. Barcelona is not just a city to appreciate art and culture; it's also an ideal place to discover love or realize that, like Gaudi's Sagrada Familia, you're also a beautiful work-in-progress.

Learn more about Travel Master by visiting the GCash GInsure Marketplace and ensure that your trips to find love or find yourself are seamless and hassle-free.

Igloo protects Southeast Asia's multi-billion dollar coffee industry with innovative weather insurance for farmers

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Regional insurtech Igloo expands its blockchain-based parametric index insurance to coffee farmers in Southeast Asia, showing commitment to covering more underinsured communities and industries after successful product implementation with rice farmers.

Southeast Asia - a part of what is called the coffee belt - is one of the biggest coffee producers in the world. While Vietnam and Indonesia are responsible for the majority of global coffee output, the Philippines is also an important global producer with industry revenue expected to reach US$6.7 billion in 2023, according to statistics portal Statista. The local market is also expected to grow annually by 5.69% until 2025.

Coffee production is not only a long-term and labor-intensive investment, but it is also one that is constantly under threat of climate hazards which provide difficult growing conditions due to extreme climate–affecting farmers and disrupting supply chains.

“Weather Index Insurance is a product that we introduced in order to protect farmers and communities across Southeast Asia from unforeseen climate hazards. While initially introduced for rice farmers, we’ve seen from its success the product’s scalability to cover other sectors like coffee farms, which is one of the robustly growing segments in the region,” said Mario Berta, Igloo’s Country Manager for the Philippines.

Protecting the coffee industry and its farmers

There are currently several insurance products on the market for coffee farmers. However, they share a common problem of incompatibility with the real, frequent risks faced by coffee farming families. The damage assessment process is also complex and time-consuming, which creates the risk of additional financial hardship for farmers.

The Weather Index Insurance eliminates the need to individually verify claims thereby reducing transaction costs and enabling faster payouts to farmers. This is done by collecting and monitoring rainfall data to calculate claims using pre-assigned values for losses due to natural causes. The business rules governing claims payout being hosted on a public blockchain help leverage the attributes of transparency, consistency, and unbiasedness, thereby making the setup credible.

While Weather Index Insurance is currently available in Vietnam for rice and coffee farmers, Igloo expects to roll out Weather Index Insurance to more countries in Southeast Asia including the Philippines soon.

“The Philippines being an agricultural powerhouse and one that is at a higher risk of suffering from the impacts of climate change, is a country we believe will benefit from having Weather Index Insurance. We are currently working with our partners to make this product available in the country and other markets in the near future. In addition, we are also exploring expanding the product’s coverage to include other indices such as earthquakes,” Mario added.

 

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia,  Thailand,  The  Philippines,  Vietnam  and  Malaysia  and  tech  centers in China and India.  With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies  to  eliminate  their  exposure  to operational  risk,  create  new  revenue  streams,  and optimize  and  enhance  existing  products  and  services.  Igloo  has  partnered  with  over  55  well-known   brand   names   across   the   markets   in   various   verticals,   including   insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

Bring your 2023 Summer Travel goals to life with these six fascinating PH vacation spots

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The long, hot days of summer are finally here and if you’re one of the many who’s up for travel and adventure this season, there are many fascinating tourist and vacation spots around the country you can add to your bucket list.

A recent study by travel and experience platform Klook noted that 87% of Filipinos are raring to travel with many of their destinations of choice within the Philippines as booking for domestic destinations have exceeded pre-pandemic levels in 2022.

Domestic travel, according to the Department of Tourism, is expected to make a full recovery this year with the country’s hotel and resorts association reporting that occupancy has breached 2019 numbers and is largely driven by domestic tourism.

With 2023 being dubbed as the year of Revenge Travel, there’s no better time to plan your trip, pack your bags and head-off for an unforgettable adventure. But before you do, ensure your travels are hassle-free by getting Travel Master Insurance with COVID-19.

“It’s summer and we’re sure that many Filipinos are already picking out the destinations they want to travel to, especially since the Philippines has so many beautiful sites to see–from beautiful beaches to beautiful towns and cities–there’s something for every kind of traveler. Traveling should be fun, stress-free, and hassle-free, this is why we created Travel Master insurance–to provide our travelers the peace of mind and protection from any kind of eventuality so they can make the most out of their trips,” said Mario Berta, Igloo’s Country Manager for the Philippines.

Created in partnership with GCash and Malayan Insurance, Travel Master with COVID-19 provides travelers coverage including for personal accidents, flight delays, lost luggage, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection.

To get the Travel Master coverage, simply access the GInsure page available on your GCash app and select Travel and Travel Master with COVID-19. Fill in the form with your travel details and it will immediately provide you with coverage benefits and the premium contribution and you’re set to go.

Travel Master with COVID-19 is available whether you’re planning to travel locally or internationally–making it a flexible and much-needed travel companion anywhere you go.

So if you’re looking for destinations to add to your vacation bucket list, here are six spots around the Philippines to get you started:

Samal Island Tourism Information Center, Facebook

Island Garden City of Samal

Davao del Norte

Located at the heart of the Davao Gulf, the Island Garden City of Samal is known as the largest resort island in the country– home to more than 30 resorts across a 118-kilometer stretch of coastline.

A mere 15-minute boat ride from Davao City, the resort island is a great stop for those who want to soak in the beautiful landscapes and seascapes of the Philippines. Go snorkeling and bask in the beauty of the 150-hectare Coral Garden and Marine Park that includes the Audanao Fish Sanctuary and the Giant Clam Sanctuary. On land, travelers can enjoy exploring the 11.5-hectare government-owned botanical garden and nature park where they can see diverse flora and fauna.

The resort island is also home to the largest colony of fruit bats in the world and they can be seen in their natural habitat at the Monfort Bat cave.

Alona Beach Guide, Website

Alona Beach

Bohol

The Philippines is home to amazing beaches (it has more than 7,000 islands after all) and if you’re on the hunt for a new beach haunt that has white sand beaches like Boracay, Alona Beach in Panglao, Bohol is a great spot to add to your travel bucket list.

The white sand beach stretches a good 1.5 kilometers and is in full view of the blue, blue waters of the sea of Bohol. Nature lovers and adventure seekers may also immerse themselves in the rich marine biodiversity of Balicasag Island–a few minutes boat ride from Panglao island. Here you can snorkel and view its 400-meter coral garden and marine sanctuary.

Meanwhile, those who want to get the most out of their vacation and explore more of Bohol can also visit the famous Chocolate Hills, the Mahogany Forest, or take a slow, leisurely ride and a beautiful lunch along the Loboc River with the Loboc River Cruise.

Lacson Ruins, Facebook

The Ruins

Bacolod

Often called the “Taj Mahal of the Philippines,” The Ruins or the Lacson Ruins was the ancestral home of local sugar baron Don Mariano Ledesma Lacson built in the early 1900s in Talisay, Bacolod City. Inspired by Italian architecture, the Ruins was built in the memory of Don Mariano’s wife Maria, who died giving birth to their 8th child.

During the Second World War, the mansion was burned by Philippine guerillas to prevent it from being used by the Japanese. The mansion burned for three days straight but left behind its beautiful foundation. The Ruins has now become a popular tourist and event spot, especially for weddings because of its romantic history.

For those who want to experience more of the old-age architecture of the Philippines, they can–after visiting the Ruins–take a day trip to the neighboring city of Silay and visit its large collection of perfectly-preserved heritage houses including the Golez Heritage House and the Balay Negrense heritage house and museum.

Museo Orlina, Facebook

Museo Orlina

Tagaytay City

For those who want a more leisurely adventure in cooler climes, Museo Orlina in Tagaytay City, is the perfect place for you.

Located at Hollywood St. Hollywood Subdivision in Tagaytay City, the museum houses the many glass sculptures of famed Filipino visual artist Ramon Orlina. Spend an hour or two exploring the four-floor exhibit area including the Reflections Gallery where Mr. Orlina exhibits videos, images, and documents charting his art journey; and the Naesa Gallery which features an ever-changing exhibition featuring up-and-coming Filipino artists.

If you fancy viewing his work alongside nature, take a walk at the Sculpture Garden and Amphitheater, and cap off the visit with a spectacular view of Taal Lake at the roof deck.

Tam-awan Village, Website

Bell Church, Website

Tam-awan Village and Bell Church

As the Summer Capital of the Philippines, many vacationers travel to Baguio in search for respite from the hot weather. The cooler climate alongside the beautiful nature makes it a must-go destination for anyone regardless of their preference for adventure.

Those who’ve been to Baguio several times would undoubtedly know of its most famous landmarks including Wright Park, Burnham Park, Camp John Hay, and more. But for those who want to discover more of the city and its culture, there’s no better place to visit than the Tam-awan Village and the Bell Church.

Tam-awan Village located in Pinsao Proper, Baguio City is perfect for those interested in art and history. The village features indigenous craftsmanship and Ifugao architecture alongside art pieces made by local artists set within a sprawling and beautiful mountainside forest.

Bell Church, meanwhile, is a 63-year-old Taoist temple located in La Trinidad, Benguet. Here visitors can enjoy the beautiful architecture and the quaint lotus pond and even have their fortunes read by the monks of the temple.

Whether your summer plans are for adventure or relaxation, domestic or international, make your travels all fun and worry-free withTravel Master Insurance with COVID-19 available at the GCash’s GInsure marketplace.

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia,  Thailand,  The  Philippines,  Vietnam  and  Malaysia  and  tech  centers in China and India.  With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies  to  eliminate  their  exposure  to operational  risk,  create  new  revenue  streams,  and optimize  and  enhance  existing  products  and  services.  Igloo  has  partnered  with  over  55  well-known   brand   names   across   the   markets   in   various   verticals,   including   insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

Igloo underscores importance of device and health protection for mobile gamers

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Unleash your full gaming potential with Igloo’s device and health protection for mobile gamers

eSports is experiencing incredible growth globally with analysts projecting that the eSports market as a whole will grow to US$5.48 billion by 2029 from US$1.44 in 2022.

The Philippines is one of the countries where eSports is becoming increasingly popular. The country is home to the biggest eSports organization in Southeast Asia and to some of the most talented esports players in the world, ranking 8th in the world in terms of skills. As a rising gaming juggernaut, 95.8% of Filipino internet users play video games across different devices. In fact, 76% of Filipino gamers prefer to play on mobile phones due to its affordability and accessibility.

​​With the continued growth of the industry and its recognition as an official sport in events including the Olympics, it’s not surprising that many Filipinos are beginning to view becoming a professional gamer as a career option and are investing in good quality gear to upgrade their gaming experience and performance.

Improving one’s skill takes time and logging in hours upon hours of playtime can lead to the wear and tear and damage in gamers’ devices. Continuing to play on a damaged phone or one with a cracked screen not only presents challenges to gameplay performance, it can also cause injuries to the player.

Regional insurtech Igloo understands that fixing damaged parts or in more serious cases, replacing the entire phone itself, can be very expensive, which is why it introduced various insurance products to not only protect mobile devices from unwanted incidents such as cracked screens and water damage but also the health of mobile gamers.

With the Cracked Screen Protection and the 360-degree Phone Protection, mobile users are provided complete protection for their mobile devices for as low as P21 a month through the GCash GInsure Marketplace and Shopee.

“The global gaming industry is growing at such a rapid rate, with Southeast Asia accounting for over 50% of this growth. At Igloo, we aim to provide insurance products for every kind of lifestyle and that includes mobile gamers,” said Igloo’s Country Manager for the Philippines Mario Berta. “Through products like the Cracked Screen Protection and the 360-Phone Protection, we aim to ensure that Filipinos are able to access affordable comprehensive protection through convenient, easy-to-use platforms like GCash and Shopee.”

The health risks of mobile gaming

The loss or damage of one’s gaming smartphone isn’t the only risk when embarking on a mobile gaming career as long hours of gaming and spending hours in one position can also lead to health issues such as carpal tunnel syndrome or even heart attacks.

The World Health Organization has sounded the alarm over Video Game Addiction or Gaming Disorder as legitimate illnesses that plague gamers from all over the world. Understanding its role in providing protection to mobile gamers, Igloo, together with leading Indonesian e-wallet platform DANA, introduced Gamers’ Protection last year.

The award-winning product provides coverage for heart attacks and carpal tunnel syndrome, illnesses that can be caused or exacerbated by frequent and long gaming sessions.

“While we share the world’s enthusiasm for mobile gaming, we understand that gaming for long periods of time can also pose health risks for gamers. Understanding our role as an insurtech company providing protection, has spurred us to create Gamers’ Protection,” said Mario. “Gaming is more than just having the best device or skills–it’s also about having protection for yourself and your devices to unleash your full gaming potential.”

Gamers’ Protection is currently available in Indonesia but Igloo is looking to bring the product across Southeast Asia in the near future.

“We’ve seen how this insurance product has benefited gamers from Indonesia and are currently seeking to introduce said product to other countries within the region in the near future as we believe Southeast Asian gamers will benefit from the protection this product provides,” Mario added.

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centers in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. Igloo has partnered with over 55 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

Regional insurtech Igloo eyes more opportunities to drive financial inclusion in the Philippines with US$ 27-M in fresh funding

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(MANILA, PHILIPPINES) - Following a successful $27-M Series B+ funding, regional insurtech Igloo is gearing up to further accelerate financial inclusion in Southeast Asia. Seeing tremendous growth in the Philippines, Igloo will be allocating a portion of the funding to deploy more insurance solutions and increase coverage across the country.

The first investment in Southeast Asia, the recent funding round was led by a group of global institutional investors, highlighting their shared mission of protecting the communities they serve. The investors have expressed interest in Igloo’s initiatives in the Philippines which include providing credit line insurance to entrepreneurs, half of which are women, through its partnership with Philinsure. The firm also pioneered Foodpanda’s PandaCare initiative, a comprehensive insurance package for platform workers that includes accidental death, accidental dismemberment, medical reimbursement, hospital assistance, and burial expense.

“With an insurance penetration rate of less than 2%, we entered the Philippines by listening to the unmet needs of Filipinos to ensure we are filling the gaps that other players have yet to address,” said Mario Berta, Philippine Country Manager for Igloo “With the success of the B+ funding, this ensures that we can strengthen our current tech capabilities and allow us to introduce new solutions that would reach more underserved sectors in the Philippines.”

Igloo is currently in talks with insurance and government partners to bring the first blockchain-based Weather Index Insurance, a new technology that would provide immediate financial assistance to farmers in times of adverse weather conditions. With an average of 20 typhoons traversing the Philippines every year, Weather Index Insurance will not only fast-track farming communities’ recovery but also guarantee the sustainability of their livelihood.

While Igloo helps insurance partners onboard their products into digital platforms, the firm is also finding more solutions to support direct sales intermediaries. As the industry transforms itself, there is also a need to help agents and brokers prepare for the increasing demand for insurance. The firm intends to introduce Ignite by Igloo, an intuitive AI-powered digital solution, that enhances the productivity of agents by automating manual paperwork and inefficient procedures.

With the increased ease of purchase of low-cost protection, latest data from the Insurance Commission (IC) showed microinsurance premiums jumped by 15% in the first quarter alone. Riding off the growth of the segment, Igloo has facilitated over 100 million through local insurance partners in the past four years it has been in the market.

“The Philippines being one of the most digitally connected places in the Southeast Asia region is an advantage for insurtech companies because technology is heavily involved in the lifestyle of Filipinos.“ said Berta “We will leverage technology to reach out to sectors within the Philippines since every Filipino deserves to have access to insurance, no matter where they live.”

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. Igloo has partnered with over 55 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

Regional insurtech Igloo Launches New travel insurance product - Travel Master with COVID-19 in partnership with GCash and Malayan Insurance

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●       Regional insurtech Igloo, GCash and Malayan Insurance continue to strengthen existing partnership with the launch of a  new travel insurance product

●       GCash Travel Master with COVID-19 offers comprehensive coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection

●       It is the fourth product launched under the partnership between Igloo and GCash

●       Reprise in travel after pandemic lockdowns drive tourism in the Philippines with 85% of the Philippines’ GDP attributable to domestic travel

 

Manila, Philippines - Regional insurtech firm Igloo, in partnership with GCash and leading local underwriter Malayan Insurance, recently launched Travel Master with COVID-19, a comprehensive travel insurance product to be offered and purchased on the e-wallet. The brand-new product offers coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection. With tourism on the upswing due to the easing of restrictions, Travel Master with COVID-19 will enable Filipinos to undertake trips with assured protection in the event of a medical emergency due to the pandemic.

In the forum titled ‘The Philippines and Revenge Tourism – Are We Ready?’ Tourism Secretary, Bernadette Romulo Puyat shared that ‘Revenge Travel’ or leisure travel that follows a period of being unable to travel is driving the tourism boom in the country. Since easing restrictions in February 2022, the country has seen a gradual rise in travel - particularly to local destinations - among Filipinos. In fact, 85% of tourism contribution to the gross domestic product can be attributed to domestic travel, which is expected to grow further with the opening of more local destinations. Travel Master with COVID-19 will help Filipinos be prepared for health and travel risks for their trips.

“As more Filipinos become more comfortable with traveling, our new travel insurance product in collaboration with our long-term partner GCash, will work as a key enabler to facilitate safe travel for Filipinos. Being an affordable, yet comprehensive product, that addresses common travel risks including contracting COVID-19 it will offer travelers the coverage they need so they can enjoy their trip and have peace of mind,” shared Mario Berta, Country Manager for the Philippines at Igloo. “GCash Travel Master with COVID-19 once again highlights Igloo’s commitment to co-creation of insurance products that are relevant and accessible to all Filipinos.”

Underwritten by Malayan Insurance, the benefits of Travel Insurance include Personal Accident with Emergency Medical Treatment for COVID-19 for up to Php 2,500,000, Hospital Cash Allowance due to COVID-19 of up to Php 4,000, and Travel Inconvenience of up to Php 50,000. It also has value-added features such as Car Rental Protection of up to Php 500,000 and Sports Activities Extension of up to Php 100,000. The insurance product is also supported by 24-hour worldwide travel assistance in partnership with Assist America for the medical needs of the insured.

GCash Travel Master with COVID-19 powered by Igloo
Topline benefits
Personal Accident with Emergency Medical Treatment for COVID-19	Up to Php 2,500,000
Hospital Cash Allowance due to COVID-19	Up to o Php 4,000
Travel Inconvenience	Up to Php 50,000
Value-added benefits
Car Rental Protection	Up to Php 500,000
Sports Activities Extension	Up to Php 100,000

Available through GCash’s GInsure marketplace, premiums start at Php 950 for local or inbound, Php 970 for Asia, and Php 1,190 for worldwide travel with up to a 90-day maximum coverage period.

GCash Travel Master with COVID-19 is the fourth product launched under Igloo and GCash’s partnership. In September 2021, the partners launched the first Online Shopping insurance in the market, followed by Mobile Insurance products and Pet Insurance in 2022.

 

 

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia,  Thailand,  The  Philippines,  Vietnam  and  Malaysia  and  tech  centres in China and India.  With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies  to  eliminate  their  exposure  to operational  risk,  create  new  revenue  streams,  and optimise  and  enhance  existing  products  and  services.  Igloo  has  partnered  with  over  55  well-known   brand   names   across   the   markets   in   various   verticals,   including   insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

 

Could blockchain-based insurance solve agricultural pains in the Philippines?

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The Philippines is one of the most typhoon-prone countries in the world, dealing with an average of 20 occurrences per year. According to the Philippine Climate Change and Food Security Analysis (CCFSA) study commissioned by the World Food Programme, typhoons and other extreme weather events have cost the country approximately Php 290 million in agricultural damages in the last decade. The recent typhoon Paeng alone caused Php 3.16 billion in damages to the sector.

Agriculture is a major industry in the Philippine economy, representing about ten percent of its gross domestic product. At the groundwork of the industry are small-scale farmers, usually holding less than three hectares of farmland, leading agricultural production. Despite being the major contributors to the industry, most of these farmers live in poverty. The Philippine Statistics Authority (PSA) states that most rice farmers got a net return per hectare of Php 16,832 in 2020, which is a little more than 20% of the average Php 70,000 per hectare capital required for rice farming.

With limited financial means, farmers heavily rely on loans to raise capital for their work. This situation makes them vulnerable when they lose income when crops are destroyed by floods and droughts. With their initial mortgage unpaid, farmers often raise capital through fresh loans, exposing them to a high risk of debt accumulation.

“Farmer productivity has declined over the years due to insufficient support. Often, families of farmers decide to sell land for more immediate income amid pressing needs and what would have been the next generation of farmers are seen to pursue better-paying jobs,” shared Mario Berta, Country Manager for the Philippines at Igloo. “On top of these challenges, there are recurring natural disasters that significantly hurt the livelihoods of farmers. This calls for a strengthened initiative that will mitigate the impact of catastrophes.”

While extreme weather conditions may not be prevented, preparations can be made to ensure the fastest recovery for the agriculture sector. The provision of crop insurance can help and will enable farmers to begin farming anew after a calamity. However, the current process of insurance claims settlement takes a lot of time and requires tedious backend processing. In addition to this, agents have to brave the difficult journey of visiting farms in the wake of typhoons and manually assess the damage to the insured’s assets. This extended processing time adds to further loss of income for the farmers.

“Crop insurance needs to be automated so the farmers can receive their payouts sooner and get back on their feet quicker,” said Berta.

Igloo is a regional insurtech firm with a mission to make insurance accessible and affordable for all through technology. It facilitates digital insurance underwritten by partner insurance companies and offered in partner distribution channels such as e-commerce platforms and mobile wallets. Recently, Igloo introduced Weather Index Insurance, its first blockchain-based parametric insurance that automates claims through a smart contract on the blockchain.

Weather Index Insurance is an innovative approach to insurance provision that pays out benefits on the basis of a rainfall level, the predetermined index, for loss of assets and investments resulting from weather and catastrophic events. The claim is automatically paid when the rain index hits the flood or drought threshold. This eliminates the need to individually verify claims thereby reducing transaction costs, and allowing for a quicker claims settlement process. The business rules governing claims payout being hosted on a public blockchain help leverage the attributes of transparency, consistency, and unbiasedness thereby making the setup credible.

“We believe that Weather Index Insurance is a potential product that will reduce the vulnerability of farmers to adverse weather conditions. The expected increase in the speed of claims processing will enable farmers to have a better chance of recovery from catastrophes and increase productivity and competitiveness,” added Berta.

However, he also recognized that there are enormous challenges needed to be addressed to make blockchain-based insurance palatable to farmers. These hurdles include the country’s low insurance penetration rate, financial inclusion, and access to digital services in rural areas, among others.

“When we bring Weather Index Insurance to the Philippines, Igloo will work with organizations such as rural banks, farmer’s cooperatives, and relevant government agencies to address these pain points and ensure that the insurance solution becomes a viable option that farmers can rely on for faster recovery,” said Berta.

“The unprecedented pace of climate change coupled with COVID-19 induced supply chain shocks have made it absolutely necessary to scale up agri-insurance solutions for the smallholder farming community. Igloo is trying to bring forth an integrated approach with the wider ecosystem to strengthen farm-level resilience by focusing on product and distribution innovation,” shared Raunak Mehta, Co-founder and CEO at Igloo.

The Weather Index Insurance is available in Vietnam but is set to roll out in more agriculture-driven SEA countries like the Philippines, Indonesia, and Thailand. Igloo is currently speaking to potential partners that can underwrite and distribute the product to underserved farmers in Luzon, Visayas, and Mindanao. Committed to delivering Insurance for All, Igloo welcomes more collaboration with the public and private sector to guarantee the highest level of national protection.

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in India and China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, optimise and enhance existing products and services. Igloo has partnered with over 55 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.