Singapore-based insurtech company Igloo has launched Igi, an AI travel insurance assistant in Indonesia that guides customers through the full purchase journey within a single conversational interface.
Early results showed that users who engaged with the assistant were 44 percent more likely to complete a purchase compared to those using the website alone, the firm said in a statement on Tuesday.
Unlike post-purchase support tools, Igi is an autonomous sales agent capable of handling the complete purchase journey end to end, from destination selection and plan comparison to personalized recommendation, payment, and policy issuance. Users in the hybrid conversational and web flow converted at more than 1.7 times the rate at the point of purchase. For queries requiring human attention, Igi transfers to telesales via WhatsApp.
Raunak Mehta, Co-Founder and CEO of Igloo, said Igi sits with the customer, understands their trip, recommends the right plan, and closes the sale at any hour in minutes. He added that in a market where the vast majority of the population has never purchased an insurance product, removing friction from the buying journey is how Igloo is working to close the coverage gap.
Indonesia’s insurance penetration stands at 2.7 percent, among the lowest in the region, with travel insurance remaining significantly underpenetrated despite a strong recovery in outbound travel since the pandemic.
Igloo plans to extend Igi to WhatsApp and to roll out the same conversational sales capability across additional product lines including motor and personal accident insurance.
Igloo is headquartered in Singapore with operations across Indonesia, the Philippines, Thailand, Vietnam, and Malaysia. The company’s platform processes over 100 million policies per month and has facilitated 1.6 billion cumulative policies. It has raised over $100 million in funding from investors including Eurazeo, Openspace Ventures, Cathay Innovation, and BlueOrchard.
Igloo partners with Chubb Life to distribute insurance solutions across Vietnam and Indonesia