Singapore-based insurtech firm Axinan said it has entered the Philippines market with a strategic partnership with non-life insurer Mercantile, according to an official statement.
Axinan and Mercantile will work together to roll out several smartphone protection insurance plans through Axinan’s consumer brand igloo, although details were released only for the first announced product named Mobile 360.
Mobile 360 is a comprensive smartphone insurance for the screen, camera, battery, liquid damage and other accidents. The coverage will be applicable to both new and used phones from several telco providers, whether the device is post-paid or pre-paid. It will first be rolled out in Metro Manila and later nationwide, and the firm promises a simple online application and instant approval.
Founded in 2016 and headquartered in Singapore, Axinan is an insurtech that partners with online marketplaces and insurers to provide on-demand and customizable insurance products. It is backed by China-based venture capital firm Linear Ventures and Singapore’s Openspace Ventures.
The company is already active in Indonesia and Malaysia and said it has plans to enter the Thai and the Vietnamese market, after raising an undisclosed Series A round last year. The firm faces strong competition in Indonesia from players like Asuransiku, AXA MyPage, insurance88.com, PasarPolis, and Jagadiri.
igloo is the company’s first on-demand insurance brand for smartphones, launched in February 2019 and later rolled out in Indonesia in June, where it saw a rapidly growing demand.