Traditionally, the insurance industry uses lower-risk customers to compensate for high-risk customers, which can result in unfair quotation of policies for individuals.
At Igloo, we develop technology to assess risk at an individualised level. With the help of machine learning models and other cutting edge technologies, we are able to quote a dynamic premium that is fair and often cheaper, and deliver higher conversion rates to our customers.
By offering favorable pricing and optimising returns through effective customer segmentation, we solve the adverse selection problem in the insurance industry by quoting a fair premium to all of our customers. Our dynamic pricing mechanism thus helps our partners to attract and retain high-quality customers.