Igloo, a Singapore-headquartered insurtech firm founded by ex-Grab chief technology officer Wei Zhu, has announced partnerships with fintech startup Akulaku and Union Bank of the Philippines to offer micro-insurance policies.
From August 19, Igloo will provide a series of personal accident products on Union Bank’s API marketplace and Akulaku’s platforms. The products are tailored for lower-income households and are “easy to purchase, simple to understand, and highly affordable.” Igloo hopes to protect the livelihoods of people in the Philippines, where the insurance penetration rate was less than 1% in 2018.
“Igloo sees the need for the transition from a traditional insurance industry into a digital-driven insurance ecosystem,” said chief commercial officer Raunak Mehta.
Founded in 2016, Igloo was previously known as “Axinan.” The firm leverages on “big data, dynamic risk assessment, and expedited claims management” to make insurance accessible. In April, Igloo re-branded and closed its Series A funding round, which brought its total funding to USD 16 million.
The startup first entered the Philippines in 2019 by collaborating with RedDoorz, a hotel management and booking platform. It intends to continue expanding in the country by growing its local team and forming more partnerships. Igloo currently has over 15 million customers in Singapore, the Philippines, Thailand, Vietnam, and Indonesia.