Tag: Igloo

Singapore – Regional insurtech Igloo has announced an additional US$27m for its series B funding extension, bringing a close to its series B funding round at US$46m. The new funding round will support the enhancement of engineering capacity and infrastructure; acquisition of intermediaries and the launch of new products such as index-based crop insurance in Southeast Asia.

To date, Igloo has been on a strong growth trajectory having cemented partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019. 

Since its inception, Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia, and is the only insurtech in the region with all major economies contributing to its performance.

This round of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM)and Finnfund.

The additional funds will also provide Igloo with an ideal multi-year runway. With 50% of Igloo’s team committed to research & development, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies. Igloo is also in the process of identifying and closing on various M&A opportunities to help it move swiftly towards its vision for ‘Insurance for All’.

Raunak Mehta, co-founder and CEO at Igloo, said, “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs. As a leading insurtech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”

Singapore – Jarieul Wong, the former head of communications of recommerce platform, Carousell, has been named as the communication & content lead for insurtech company, Igloo. Wong will be covering all markets for the firm, namely, Singapore, Indonesia, Thailand, the Philippines, and Vietnam.

lgloo is a full-stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. 

According to Wong, he will be overseeing the development and implementation of Igloo’s regional content and communications strategy across multiple platforms and markets. He will be supporting country teams in creating engaging narratives that resonate with consumers, investors, and business partners. Additionally, Wong will collaborate with stakeholders at both regional and local levels to ensure seamless coordination and alignment across different functions.

“Educating consumers on the benefits and convenience of using technology to access and manage their insurance policies should be the priority for insurtech companies. This includes emphasising the ease of purchasing an insurance product and claims processing, the transparency of pricing, and the personalisation of policies to fit individual needs,” shared Wong. 

Wong held his previous position at Carousell for almost four years beginning 2019. He is a seasoned communications leader where he brings with him public relations expertise, having worked with top brands Sony Pictures, Singtel, and Razer. 

Wong commented that Southeast Asia has one of the highest levels of underinsurance in the world, but that the region is rapidly digitalising with great interest in e-commerce, fintech and logistics, which has provided easier and more convenient access to products and services such as insurance and financial protection. 

“We have seen how access to products through e-commerce, particularly through our partnerships with online and offline platforms such as CircleK in Vietnam, GCash in the Philippines and Shopee in Indonesia has helped increase insurance takeup,” he shared. 

Further on his appointment, he commented about transitioning from one of the largest recommerce platforms in the region, “One key area where my experience is beneficial is in understanding and navigating the challenges of operating within this (extremely) volatile technology-driven industry. I have gained a deep understanding of leveraging data and translating them into stories, launched award-winning campaigns, managed reputational risks during critical situations as well as led the communications strategy for Carousell Group’s multiple mergers & acquisitions.” 

“I am excited to transfer my skills and expertise to Igloo where I can continue to make a meaningful impact, and continue to learn and expand my professional capabilities,” he concluded. 

Manila, Philippines – Top e-wallet in the Philippines GCash’s new service is a step forward in customer service and in fulfilling its brand promise of safe financial transactions. In partnership with Singapore-headquartered regional insurtech Igloo, GCash launches a first-of-its-kind online shopping insurance protection that will secure consumers from online marketplace fraud.

Igloo’s Online Shopping product is part of its Cyber Protection vertical, which secures financial loss arising directly from any online marketplace fraud. Through the partnership, GCash users will be protected from any transaction they make via online marketplaces such as Lazada, Shopee, including Viber, and Facebook marketplaces as long as their payment was fulfilled through the GCash platform. 

GCash continues to be the leading digital wallet in the Philippines and is continually amplifying its services. The fintech has also recently announced that it is eyeing to launch a Buy Now Pay Later service within this year. 

Martha Sazon, GCash’s president and CEO, said that the shopping insurance offering comes at a time when they have seen robust growth in online transactions and user base.

“With excellent customer experience being the heart of our business alongside value-added services through our platform, we are thrilled to launch this new product with Igloo that secures online transactions for our customers,” said Sazon.

Mario Berta, Igloo’s country manager for the Philippines, commented, “We are excited to partner with the leading e-wallet in the country, GCash, who shares the same vision of protecting digital consumers by pioneering innovative solutions to end-customers at an economical price. With the growing number of digital consumers in the country, now more than ever, is it most important to provide flexible solutions for the changing needs and processes of both businesses and customers.” 

According to GCash, its users currently stand at 46 million. The app has also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.

GCash has been integrating insurance as one of its value propositions to users. Within the app, it currently offers a line of insurance products similarly powered by Singapore-grown insurance firm, Singlife. GCash’s offerings are mainly characterized by low-cost premiums and include a range of protection from income loss to health coverage such as Dengue and even COVID-19.

The Online Shopping protection is one of the first products Igloo will be launching with GCash but will soon be rolling out more products with the e-wallet in the next six months that will be geared towards MSMEs.