Menu
KrASIA
News

Insurtech firm Igloo partners with Akulaku and UnionBank to provide micro-insurance

Written by Yin Lin Tan Published on 

Share
Igloo will provide personal accident products tailored for low-income households via Akulaku’s platforms and Union Bank’s API marketplace.

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.

Share

You might like these

  • News

    9 Israeli companies among top 100 emerging market ‘tech challengers’

    By 

    NoCamels

    21 Nov 2020    01:35 AM

KrASIA InsightsKrASIA Insights

  • The Singapore-based company is expanding into Indonesia and Thailand.

    Insights

    How LingoAce makes learning Chinese fun and effective for children: Startup Stories

    By Ursula Florene

    21 Nov 202001:05 AM

Most PopularMost Popular

See All