InsurTech company boosts 1H2021 sales with partnerships, innovation & key hires

Regional InsurTech company Igloo has had a resounding first half, seeing 3X growth in GWP over the same period last year. It aims to further extend its regional presence and expertise in the InsurTech space across southeast Asia's fastest-growing digital economies Singapore, Malaysia, Indonesia, Vietnam, Thailand, and Philippines.

Driving its growth in the first half of 2021 are 10 key partnerships with leading brands in the e-commerce, travel, telecommunications, logistics and delivery space viz. RedDoorz (Indonesia), MobiFone (Vietnam), Advanced Info Service AIS (TH), Thai Paiboon Insurance (Thailand), Loship (Vietnam), AhaMove (Vietnam), Philinsure (Philippines), Ritase (Indonesia), Fabelio ((Indonesia), and Blibli ((Indonesia), the company says in a statement.

Since 2019, Igloo has facilitated over 130m insurance policies sold through its partners’ platforms in industries that range across e-commerce, logistics, automobiles, transportation, telecommunication, banking, travel and hospitality and the gig economy.

Igloo leverages its data, technological capabilities and insurance know-how to bring new products to the market built for cyber-security, travel and hospitality, and gig economy workers. Igloo has also focused on providing a technological and a more customer-centric view to legacy insurance products like auto, property and health.

Accessible insurance through technological innovation

With rapidly changing consumer lifestyles exacerbated by the COVID-19 pandemic, Igloo’s technological solutions are more relevant than ever. Working with MSIG Insurance and leading mobile operator AIS, it launched an innovative and cost-effective Usage-Based Motor Insurance product last year that delivers benefits to drivers by way of higher deductibles and lower premiums for safer drivers.

The product uses a plug-and-play IOT device that analyses five factors (distance, speed, journey duration, time of day and areas driven) to determine premiums and reward safe drivers — allowing them to save up to 40% in premiums. It is the first-of-its-kind under Thailand’s Office of Insurance Commission (OIC) regulatory sandbox for its innovative features and seamless technological integration.

Key regional and country hires to bolster growth

Igloo has made several key strategic hires, including COO, director of human resources and head of regional marketing.

Over the next six months, Igloo will grow its team by two-fold, with a focus on scaling and consolidating its country, engineering and insurance teams, the company says.

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 its tech centres are located in China. The company 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.

Source: Asia Insurance Review