Optimism Igloo Digitize Insurance Agency System

Even though digitalization is growing rapidly, it has not been able to shift the role of humans in marketing insurance products. Their role is considered vital in increasing insurance penetration, inclusion and literacy, which is still low in Indonesia.

Even so, the operations of these insurance agents have not been fully digitized, they still involve manual processes for issuing policies, for example. Not to mention that there are rules from regulators that limit them from selling products from various insurance companies.

At the same time, they are also required to continue to improve their competence and knowledge. This opportunity was worked on by a number of players insurtech, One of which is Igloo via Ignite, insurance agency specialty products.

"It is very important for an insurance agent to be present in Indonesia because most people want to buy insurance based on it relationship and their trust in their agents. Moreover, it exists gap, traditionally they work long, the product is limited. From our point of view, we want to help them with an application that is tailored to the needs of agents," explained Igloo Indonesia Country Manager Henry Mixson when met DailySocial.id.

The Ignite application is now powered by more complete features, focused on helping agents with administrative work and product offerings, as well as helping customers find the right product. These features include:

1. The interface is designed for a faster and smoother browsing experience;
2. fast quote streamline the purchase flow by calculating premiums and generating offers in just seconds;
3. A guaranteed payment process helps customers make transactions with a sense of security and comfort;
4. Data management tools for teams and sales using data analysis technology and reducing manual reporting time;
5. Commission tracking and reporting directly linked to agent's bank account instantly real-time.

"Partners (as agents are called at Igloo) can monitor their customers, what products their customers buy, check their income, commissions and points. Then there are also articles and videos so that they are more educated."

Igloo collaborates with dozens of insurance companies to formulate more than 30 general insurance packages, including vehicle, travel, personal accident and property insurance. A number of insurance companies are Mega Syariah Insurance, Rama Insurance, Tugu Insurance, Staco Mandiri Insurance, and Sinar Mas Insurance.

Aim for additional agents

The company is targeting life insurance agents, travel agents, property agents and MLM members as Ignite partners. Henry explained, by placing agents as company partners, it allows them to join as Ignite users, and sell various insurance products from many companies.

Moreover, life insurance agents Existing Usually they already have a network of customers, where they definitely have a need to buy general insurance, and the first thing these customers do is ask their agent.

"So this life insurance agent remains open relationship with consumers. One of them we equip with Ignite. They can sell all insurance products available.businesses with Igloo, offering car insurance from any insurance company that matches consumer preferences."

In terms of education, life insurance agents are usually more familiar with studying general insurance products which are simpler than life insurance products. However, Igloo also targets insurance partners from property agents and travel agents. These two businesses are also closely related to the need to seek insurance.

"We are also targeting partners from non-agent circles, such as the general public, members multi-level marketing. Indeed, the educational process is longer because it has to be training, hone soft skill-his. But this application is already intuitive, for Knowledgecan learn from the application."

Ignite is not only present in Indonesia, it is also present in Vietnam, considering that Igloo is a regional company that operates in a number of countries. It is claimed that the number of partners joining Ignite is currently 22 thousand people. The respective contributions of these two countries are not detailed, nor are maps of their distribution anywhere.

It is targeted that by the end of this year Igloo can increase the number of partners to 50 thousand people and sell policies with an increase of up to 50 times (Gross Written Premium) compared to the previous year. Even though the target has increased, the company is committed to maintaining the quality of service of its partners, considering that this insurance business is about people's trust. This target will also be achieved by expanding Ignite to other countries.

Not only the number of agents, the company will also increase the range of insurance products that agents can sell. According to him, the company's DNA is innovation based on data, so it will always be alert to all input in the field.

Henry also opened up the possibility of starting to sell life insurance products, but only for certain products. "We put it first affordability and affordability, for example, there is a customer who already has one life insurance but no one yet cover critical illness for example, can be added."

Other insurance products

Sebagai full-stack insurtech, Igloo not only plays in the insurance agency business, but also B2B2C and direct-to-consumer (site & app). One of the innovative products that the company has released is Weather Index Insurance blockchain-based for farmers.

Henry revealed that this product has only just arrived in Vietnam, and is now being prepared for its presence in Indonesia. However, he could not provide specific details regarding the time. He argued that the company was still discussing with various stakeholders regarding its business model scheme.

"We are still trying several channel, this could be with the relevant ministries, banks that provide loans to farmers, farmer associations, or startups. "We want to educate farmers who have this need but don't know this product exists."

According to him, this insurance product uses Smart contract which can automate claims based on the level of rainfall that occurs. If you use conventional insurance, the premium price is usually set at a high price because you have to be visited by an officer, either when buying a premium or making a claim.

"Farmers find it difficult to buy, not to mention there is a trend scam. Later, when farmers buy, just enter the location, type of plant and area of ​​rice fields. "If the weather is bad, without them having to claim it themselves, the system will be paid straight away."

This product will be sold starting from just tens of thousands and is calculated based on the planting season and per hectare of land.

In Vietnam, the company used data and collaborated with PVI Insurance, the Vietnam Meteorological and Hydrological Administration (VNMHA), Saigon Hanoi Insurance Corporation (BSH), and international reinsurer SCOR to expand Weather Index Insurance to coffee farmers, rather than just farmers. paddy.

Premium prices start from VND 1.000.000 (Rp. 600 thousand) per hectare, with a minimum coverage area of ​​0,1 hectare and coverage of up to VND 40.000.000 (Rp. 25,6 million) per hectare. Launched late last year, Weather Index Insurance for rice farmers now covers more than 6.000 hectares of rice fields in 8 provinces in Vietnam.

"We are even developing a product that is more universal, so it can be used for all types of plants because basically it all depends on the weather," he concluded.