This is due to the fact that APAC insurers allocate less than 3% of their Gross Written Premiums to technology spending.
Igloo has introduced Igloo Tech Solutions, a fresh venture providing modular digital tools Designed to assist insurance providers and companies update their processes, incorporate artificial intelligence, and discover additional income sources.
This development occurs as insurance companies in the Asia-Pacific region remain behind in their digital investments, dedicating merely 2% to 3% of Gross Written Premiums (GWP) to tech initiatives, as reported by Igloo.
Based on Igloo’s no-code foundation platform called Turbo, this suite comprises Igloo Agent, Igloo Consumer, and Igloo Partner.
These solutions aim to optimize agent networks, improve customer interactions, and simplify claims management, with every module customized for particular business requirements.
The AI Claims Agent allows users to submit claims via a chat interface and get immediate claim decisions along with detailed explanations.
In the meantime, Igloo’s AI Fraud Detection tool employs OCR and LLM technologies to identify discrepancies and promptly alert claims and fraud teams.
MSIG Vietnam has embraced early adoption of Igloo Agent to enhance both sales and operational efficiency, while Kredivo from Indonesia has incorporated Igloo Consumer into its financial application to provide insurance services.
In Cambodia, insurer BIMA is utilizing Igloo Partner to integrate insurance services into retail outlets.
A Singapore-based insurance company has implemented Igloo Partner to enhance and simplify its claims procedures.
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