Igloo

Igloo (formerly Axinan) is a full-stack insurtech leveraging big data, real-time risk assessment and end-to-end automated claims management to create B2B2C insurance solutions for platform partners and insurers.

Headquartered in Singapore with a view to expand aggressively across Asia, they build high frequency/low premium products and distribute them digitally. Currently, Igloo partners with leading e-commerce platforms and online marketplaces, and leverages deep expertise in big data, actuarial risk management and machine learning to offer what they deem a seamless online experience.

As part of their mission, in February 2019, Igloo announced the launch of an on-demand digital insurance offering to meet the everyday lifestyles of today’s millennials, with PT Sompo Insurance Indonesia. As one of its first offerings, Igloo introduced customisable Phone Screen Protection (PSP) plans in partnership with FWD Singapore, where consumers are able to buy policies and make claims digitally via the Igloo mobile app. Within the first 6 months of launch, the Igloo app has been downloaded more than 90,000 times.

In September of the same year, Igloo announced it had secured a deal with e-commerce giant Bukalapak to offer protection for both merchants and consumers for goods purchased on the Bukalapak platform.

In October 2019 Igloo announced it was raising its Series A+ round. The round closed in April 2020, with the company securing $16m. It stated it planned to use these funds to expand into Vietnam whilst strengthening its position in Thailand and the Philippines, and launch new insurance solutions for health and pets. The company also formerly rebranded to Igloo.

In August 2020 the company partnered withthe UnionBank of the Philippines.

In February 2021 Igloo announced it had partnered with Philippines insurance broker Philpacific Insurance Brokers (Philinsure) to help digitise the latter's offerings.

The company also revealed that it had sold over 100m policies in Indonesia, the Philippines, Singapore, Thailand, Vietnam and Indonesia to date, and that it expects to close a fresh funding round in Q1 2021.

In August 2021 Igloo partnered with food delivery company foodpanda to provide its riders with protection. PandaCare will offer delivery drivers a personal, monthly accident cover that they can extend to family members.

In November 2021 Igloo strengthened its partnership with Vietnamese delivery firm AhaMove by the introduction of three new product offerings - cash allowance, transit insurance, and motor insurance products. The new solution will cover 120,000 riders and 2 million customers. The two firms previously worked together to provide a personal accident insurance product for AhaMove’s drivers.

Igloo raised a $19m Series B found in March 2022, and also revealed CCO Raunak Mehta was to become CEO, with former CEO and founder Wei Zhu remaining on the Board. The company stated it had tripled its GWP facilitation in 2021, and has over 30 partners. It helped underwrite 75m policies in SE Asia in 2021 alone.

Etiqa Philippines announced it was partnering with full-stack B2B2C insurtech Igloo to launch gadget insurance for mobile devices in April 2022. The new products - Cracked Screen Protection and Electronics Protection Plans - are particularly targeting those that have placed increasing importance on their devices, such as using them for work and school now the pandemic has increased remote working.

During October 2022 the company partnered with e-commerce giant Shopee to launch Home Content Insurance in Vietnam. The product is the first comprehensive protection solution “for indoor assets, against unexpected events such as natural disasters and fire in the platform.” The product will be underwritten by Bao Viet Insurance.

In November 2022 Vietnam's first blockchain-powered modelling solution to automate paddy farmers' insurance claims has been launched by regional startup Igloo, in collaboration with insurer PVI, Vietnam Meteorological and Hydrological Administration (VNMHA), as well as global reinsurer SCOR. Vietnam is one of the five biggest rice exporters globally, yet is also frequently hit by extreme weather patterns which cause losses for farmers.  Later in the same month Igloo raised a Series B extension of $27m bringing its funding total to $46m. The news comes on top of impressive results as the company says it has increased its gross written premiums by 30 times since 2019.

Later in December 2022 announced plans to provide help farmers in the Philippines by providing them with a blockchain-based insurance. The plan aims to address and prevent losses which are typically experienced by the agricultural sector during the typhoon season. Igloo says that typhoons and other extreme weather events cost the country $5.2m in agricultural damages. 

Early the following year in January 2023  launched a new travel insurance product in partnership with long-term partner GCash and Malayan Insurance following rapid growth in the  number of people traveling after Covid-19 restrictions were eased. 

Then in February 2023 the company announced it was expanding its services in the Philippines thanks to fresh funding gained from a $27m Series B round. The company hopes the new money will help it to accelerate financial inclusion in Southeast Asia. Some of the money will be used specifically for the Philippines to deploy more insurance products and increase coverage across the country.

April 2023 saw the expansion of its parametric weather index insurance product to Vietnam coffee farmers following its initial success with rice farmers in the country.  Igloo said that coffee harvests are under the threat of climate hazards and global supply may see a reduction of half by 2050 due to ecological events. 

Later in May 2023 Igloo expanded its blockchain-based parametric index insurance to coffee farmers in Vietnam, after its product successfully launched to rice farmers. The company stated that coffee supplies could halve by 2050, and current offerings for coffee farmers do not offer the immediate recompense needed by farmers in the event of a natural weather event (due to the need to assess damage), causing financial hardship.

In July 2023 it revamped its Ignite offering to 30 plans across seven categories from over 10 insurers in Vietnam and Indonesia. It comes just a year after the platform launched. Ignite now has new branding, expanded product offerings, and increased its advanced features from nine to 20. It now has over 22,000 agents in Vietnam and Indonesia, which have generated over 36,000 policies.