2024 INSURANCE TRENDS

Southeast Asia's insurance sector is undergoing massive transformation to keep up with evolving market demands and maintain competitiveness.

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In the Philippines, where insurance penetration is at a mere 1.68%, the industry is grappling with persistent challenges such as complexities, outdated systems, and regulatory hurdles. However, amidst these obstacles, the industry is forging ahead with innovation and modernization, with insurtechs emerging as crucial drivers of this change, fueling efficiency enhancements and elevating customer experiences.

Insurtechs have facilitated the seamless integration of insurance into the purchase journey across diverse platforms, including e-commerce, fintech, and logistics. They have also made it possible for brickand-mortar establishments such as convenience stores to become viable distribution channels to enhance accessibility and awareness of insurance products, bringing offline consumers online. Insurtech firms likewise empower insurers to create personalized products, meeting the unique needs of underserved sectors and effectively managing emerging risks in digital consumers’ lifestyles today–these include pet insurance, travel insurance, electronic and mobile phone protection, and even micro, small, and medium business insurance.

Amidst the industry’s continuous transformation, insurtech Igloo identifies key trends poised to persist in 2024, further elevating efficiency throughout the insurance value chain and propelling the ongoing momentum of embedded insurance and personalization.

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