In an interview with e27, Igloo Co-Founder and CEO Raunak Mehta discusses the challenges facing the insurtech company as a late-stage startup and how they are addressing them.

Mehta explains that externally, the success of insurtech companies has led to increased regulatory scrutiny in the industry. However, Igloo sees this as an opportunity to engage with regulators and focus on delivering beneficial solutions to consumers.

Internally, Igloo is working on scaling operations sustainably without increasing operating expenses significantly and maintaining financial prudence.

Mehta mentions that Igloo is looking to innovate in areas such as motor, health, climate-related products, underwriting, claims digitization, and incorporating AI and blockchain technologies. They are also exploring M&A opportunities for horizontal and vertical scaling.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

Marching forward, tackling challenges head on

To tackle these challenges, Igloo’s strategy involves developing technology to digitally distribute general insurance products through various channels such as embedded insurance, sales intermediary, brokerage, and direct-to-consumer models. They are focusing on growing market share in Indonesia, Thailand, Vietnam, Malaysia, the Philippines, and Singapore.

Igloo is partnering with online and offline retailers to provide insurance coverage digitally to customers. They are also expanding their sales intermediary business and looking into underwriting as a growth driver.

Mehta emphasizes the importance of focusing on engineering, commercial, strategy, and insurance verticals to drive innovation and efficiency for sustainability.

New frontier in insurance

Igloo aims to incorporate AI and machine learning into their processes to automate tasks like underwriting and pricing. This move upstream into underwriting will open up new consumer segments for the company.

In the next years, Igloo plans to focus on growing their core distribution business while moving into underwriting. They also aim to strengthen brand recognition and explore white label solutions for other companies in the insurance ecosystem.

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Image Credit: Igloo

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