SINGAPORE, 15 June — Regional insurtech 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 SEA’s fastest-growing digital economies Singapore, Malaysia, Indonesia, Vietnam, Thailand, and Philippines.
Strong Growth Trajectory
Since 2019 Igloo has facilitated over 130 million insurance policies sold through its partners’ platform in industries that range across e-commerce, logistics, automobiles, transportation, telecommunication, banking, travel and hospitality and gig economy.
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 (ID), MobiFone (VN), Advanced Info Service AIS (TH), Thai Paiboon Insurance (TH), Loship (VN), AhaMove (VN), Philinsure (PH), Ritase (ID), Fabelio (ID), and Blibli (ID). (See Appendix for full partner and insurance product list.)
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 while providing
In spite of Covid induced headwinds that led to flattened YOY growth in insurance premium revenues across the world, Igloo has continued at a breakneck speed growing by 10X over 2019 and is on track to achieve its goal of facilitating 5% of General Insurance premium over the next 5 years.
Accessible Insurance Through Technological Innovation
With rapidly changing consumer lifestyles exacerbated by the 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.
Raunak Mehta, Chief Commercial Officer of Igloo, shared, “Since its inception, Igloo has stayed true to its purpose of providing insurance for all. The Covid pandemic has had a multi-dimensional effect on industries, business models and peoples’ lives. We at Igloo have shown tremendous resilience to ride over these uncertain times and continue steadfast in our mission of increasing insurance penetration in SEA. With tech-driven innovation at our core, we are laying down the fundamentals to bring real societal impact at a much larger scale in the times to come. Our people, processes and products are optimized to take us to the next level of growth.”
Key Regional and Country Hires to Bolster Growth
Leading the charge are key strategic hires that Igloo has made this year, including its first Chief Operating Officer, Sandra Ernst. Sandra brings extensive experience in the fintech sector, having previously held COO and Founder CEO roles respectively at CardUp, a credit card enablement platform and fintech company Smartfunding.sg.
Leading Igloo’s talent acquisition and development is Director of Human Resources Simon Cheong, who boasts over 15 years of HR experience in APAC. Simon most recently headed up HR with Daimler Financial Services, a subsidiary that focuses on financial and mobility solutions.
Rounding off Igloo’s key regional hires is Head of Regional Marketing Chan Hse May who has led global and regional teams across Growth Marketing, Marketing Operations and Brand and Communications with global brands like Skyscanner, Expedia and Pan Pacific Hotels Group.
Mario Berta joins as Country Managing Director for Philippines, bringing with him varied and invaluable experience across multiple sectors like IT, eCommerce, fintech and telecommunications. Mario was Founder and CEO of FlySpaces.com, a startup that empowers Small and Medium Enterprises (SMEs) to access flexible office and retail spaces and led the company’s over US$3 million fundraise from regional investors.
Over the next 6 months, Igloo will grow its team by two-fold, with a focus on scaling and consolidating its country, engineering and insurance teams.