Singapore-headquartered insurtech firm Igloo plans to grow its platform software business, Igloo Tech Solutions, five-fold over the next two years through organic and acquisition-led growth.
In a statement on Monday, Igloo said the Middle East and adjacent markets are among its priorities, extending the business beyond Southeast Asia.
Igloo said the platform now serves more than 10 insurers, banks, and platforms across Asia. Clients include MSIG Vietnam, Great Eastern, Tokio Marine, Marsh Taiwan, HSBC Hong Kong, and TrueMoney. Igloo also runs its own insurance business on the same platform with more than 2.2 billion policies and now applies AI across sales, product design and claims.
Igloo Tech Solutions launched in June 2025, with MSIG Vietnam, Indonesia’s Kredivo and TrueMoney among its first clients. Tokio Marine in Thailand now uses Igloo Agent to manage more than 1,500 agents. Other clients licensing Igloo Agent include Great Eastern in Indonesia, Falcon Insurance in Thailand, and HSBC in Hong Kong. AmMetLife in Malaysia and Marsh in Taiwan have deployed Igloo Consumer, and Gallagher in the Philippines uses its claims and administration portals.
The platform has three layers, the company said. The base is a data layer drawn from more than 2.2 billion policies since 2019, more than 50 million customer profiles and over 500 product-plan combinations.
Above it is an AI layer with two parts: a no-code engine for building insurance products and a governance engine that controls how AI behaves in production. The top layer is a set of distribution modules, Igloo Agent, Igloo Partner and Igloo Consumer, covering product configuration, customer and administrator portals, and claims, with AI agents operating across each layer.
Raunak Mehta, co-founder and CEO of Igloo, said the platform has been tested and refined using first-party data from 110 million monthly transactions.
Igloo’s AI Claims product, which processes documents, photographs and voice recordings, handled more than 50,000 cases in the first quarter of 2026 with 94 percent accuracy, the company said. It cut first response times from days to seconds.
Igloo is pursuing a $35 billion opportunity in insurance technology spending in emerging markets. It reported FY2025 revenue growth of 45.9 percent with operating expenses broadly flat, and it is targeting adjusted EBITDA breakeven by the end of 2026.
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