Regional insurtech, Igloo, was named as one of the winners of the 2021 Inclusive Fintech 50 (IF50) competition, an annual competition hosted by The Center for Financial Inclusion. In its 3rd year, IF50 recognises early-stage Fintechs that are helping low-income customers and micro and small enterprises who are affected by the pandemic and help them rebound, rebuild and recover.
Igloo’s partnerships with foodpanda in Singapore and Thailand reflect this – in the midst of the Covid-19, Igloo and foodpanda saw a need to provide food delivery riders and their families with a peace of mind as they travel the roads to meet heightened demand from Covid-19 dining restrictions.
Last year, Igloo partnered with foodpanda Thailand to introduce an insurance programme that provides free Covid-19 protection for delivery riders in Thailand. In Singapore this year, Igloo introduced PandaCare, a fuss-free and wallet-friendly insurance coverage for delivery riders. PandaCare is specifically designed for gig economy workers and encompasses six benefits: Accidental Death, Accidental Medical Expenses, Accidental Mobile Phone Screen Damage, Daily Hospital Cash, Permanent Total/Partial, Disablement and Temporary Disablement. These benefits also extend to their immediate family members.
In August 2021, Igloo also won ‘Insurtech Initiative of the Year’ at the 6th Insurance Asia Awards. The award recognises Igloo’s partnership with PhilPacific Insurance Brokers & Inc (Philinsure) in digitalising PhilInsure’s insurance products. This initiative aims to push digitalisation efforts to protect Filipinos and their family members against unpredictable risks such as natural catastrophes like typhoons, flooding, and earthquakes and of course, health risks, including Covid-19.
“We are honoured to be part of the Inclusive Fintech 50. Understanding the challenges that the COVID-19 pandemic has exerted on the industries, business models, and people’s lives, we at Igloo have accelerated technology and digital transformation to help bring support and peace of mind to people during these uncertain times. This achievement is also a validation of our mission to make insurance more accessible in Southeast Asia,” said Raunak Mehta, Chief Commercial Officer of Igloo.
This year, Igloo has established over 15 key partnerships in diverse industries to make insurance more accessible across the region. In July, the insurtech company partnered with regional leading food delivery platform foodpanda Singapore to launch the insurance product for gig economy workers. In September, Igloo successfully launched partnerships with leading e-Wallet platforms in the Philippines GCash and DANA in Indonesia to provide online shopping insurance product (PH) and phone screen protection insurance product (ID). The company aims to launch more strategic collaborations with partners in different industries ranging across e-commerce, lifestyle, and health tech by the end of this year.
Igloo, previously known as “Axinan”, is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, and Vietnam, and tech centres are located in China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. In April 2020, Igloo successfully closed its Series A+ funding round worth US$8.2 million, bringing its total funding to US$16 million from global investors.
Igloo is led by a core team that comprises top talent from the technology and insurance industries hailing from global corporations including Facebook, Grab, Flipkart, Garena, Manulife, Shopee, Yahoo! and Zalora. For more information, please visit https://www.iglooinsure.com
PRecious Communications for Igloo