Founded by Wei Zhu, previously Chief Technology Officer of Grab (an app-based ride-hailing company based in Singapore) and now the CEO of the newly-branded insurtech startup, Igloo offers a digital insurance product line (including electronics, home, personal accident and travel) that caters to Southeast Asia's growing population of over 15 million digital consumers. The firm works with e-commerce and travel players in Southeast Asia such as Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo.
Led by InVent, the corporate venture arm of asset management and investment company Intouch Holdings PLC, Igloo’s Series A+ funding round drummed up new investors, including Singtel Innov8, Cathay Innovation and Partech Partners, in addition to funding from its existing investors Openspace Ventures and Linear Capital.
“With Covid-19 impacting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness,” said Zhu. “We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products, can help fill those gaps and address consumers’ needs for personal well-being.”
Indeed, Southeast Asia’s growing digital insurance sphere is currently valued at $2 billion and expected to grow up to $8 billion by 2025 – the accelerating internet economy there is also projected to hit $300 billion in 2025, according to the eConomy SEA 2019 report. Thanks to the new funding, Igloo is well-placed to expand into Vietnam while strengthening its foothold in the markets of Thailand and the Philippines.
Dr Narongpon Boonsongpaisan, Head of InVent by Intouch Holdings, commented: “We are extremely excited to welcome Igloo as the first insurtech in our portfolio. Insurtech companies are at the forefront of driving digital transformation in the digital industry, creating innovative products to serve millennials better. We believe that Igloo’s advanced tech stack can drive real change in the industry and bring the focus back to consumers’ needs.”