Igloo - an insurance technology company (insurtech) applying comprehensive AI (AI full stack) in Southeast Asia, specializing in developing operating platforms for the insurance industry - has just announced the establishment of a strategic partnership with Chubb Vietnam Life Insurance Co., Ltd. and PT Chubb Indonesia Life Insurance Company (collectively referred to as "Chubb Life"). Accordingly, Chubb Life's insurance solutions will be provided in Vietnam and Indonesia through Ignite by Igloo - Igloo's insurance distribution digital platform.
Through this agreement, Chubb Life's life insurance, health insurance and critical illness insurance product portfolio will be integrated into Ignite - a digital platform for partners and insurance agents optimized by Igloo's artificial intelligence (AI). Dealers in the two markets will be able to access life insurance, critical illness insurance and health insurance products, in addition to existing non-life insurance products on the Ignite platform.
Ignite by Igloo is currently operating a wide network of agents in both countries, cooperating with more than 40 insurance companies and over 75 distributors in the region. This platform helps automate sales processes, provides online training programs through iLearn, and allows agents to access products from multiple insurance companies on the same interface. The partnership with Chubb Life marks Igloo's progress from non-life insurance to life insurance, consistent with the strategy of diversifying product portfolios to life and health insurance groups, as well as enhancing the role of businesses in narrowing the protection gap in Southeast Asia.
The rate of life insurance participation in Southeast Asia is still low. In Vietnam, life insurance premium revenue accounts for only about 1.3% of GDP, while in Indonesia it is about 1% of GDP. Faced with that reality, the combination of Chubb Life's product design and risk appraisal capabilities with its dealer network and Igloo's digital distribution capabilities will contribute to bringing life insurance solutions closer to people in both countries.
Mr. Raunak Mehta, General Director of Igloo, said: "The partnership with Chubb Life is an important milestone on Igloo's journey to become a technology infrastructure for the insurance industry in Southeast Asia. By combining Chubb Life's high-quality insurance solutions with Igloo's technology platform and agents, we give our agents in Vietnam and Indonesia the opportunity to bring these life, health and critical illness insurance solutions to customers conveniently, at a reasonable cost and suitable for each person's needs. At the same time, Igloo's AI development strategy will be applied throughout the partner and agent management cycle, simplifying the process from recruitment, training to sales.
This cooperation relationship affirms Igloo's position as a technology infrastructure provider chosen by many global insurance companies when wanting to expand customer access in Southeast Asia. As for Chubb Life, cooperation with Igloo opens up opportunities to take advantage of its digital distribution network and capabilities in Vietnam and Indonesia, helping the company expand its coverage of insurance solutions to more individuals and families. This direction strengthens Chubb Life's commitment to bringing high-quality, accessible and more suitable life and health insurance solutions to customers anywhere.
Mr. Sang Lee, General Director of Chubb Life Vietnam cum Chairman of Chubb Life Southeast Asia and New Zealand, shared: “Vietnam and Indonesia are markets where millions of families are looking for solid financial security and higher quality health protection solutions. Through cooperation with Igloo and leveraging the Ignite platform, we can bring Chubb Life's reliable life, health and critical illness insurance solutions closer to customers in a convenient and appropriate way to their needs. This cooperation allows us to accompany customers in each stage of life, helping them protect what is most important and confidently plan their future.”
The parties will begin deploying the first activities from June this year. Detailed information about specific products in each market will be announced in the near future.
