Igloo Encourages AI Transformation: Mark The New Era Of Insurtech In Indonesia

Illustration of AI (photo: Pexel)

JAKARTA - Regional insurtech market leader Igloo has officially introduced a new strategy that places artificial intelligence (AI) as the core of the company's operations and business development.

This step is part of Igloo's target to become a fully AI-based company by 2026, as well as to answer the challenges of the insurance industry in Southeast Asia, such as the low level of penetration and insurance literacy in Indonesia.

"With a wide regional reach and more than a decade of experience working with insurance companies and affinity partners, Igloo is in the best position to develop an AI model capable of answering the insurance industry's main challenges," said Raunak Mehta, Co-Founder and CEO of Igloo.

This solution is expected to provide value for companies that are still burdened with old infrastructure or lack insurance expertise to take advantage of the implementation of AI in their operational activities.

Since the beginning of this year, Igloo has implemented AI solutions in various fields, including product configurations and management, distribution channels (consumers and sales intermediaries), as well as back-office operations (operational teams and claims). Some of them are:

Specifically for automated claims, Igloo's AI solution has proven to be able to cut the first response time from three days to just one minute. Accuracy of adjudications also increased to 98%, while manual claim processes decreased to 70%.