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The firm leverages Big Data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies
Fremont, CA: Insurtech startup Igloo raised USD 8.2 million in a Series A+ funding round led by InVent, the corporate venture capital arm of Intouch Holdings PLC, taking the company's total raised investment to USD 16 million. The series was also participated by existing investors Openspace Ventures, a venture capital fund that invests in Southeast Asia, and Linear Capital, a Shanghai-based early-stage venture capital firm focusing on tech-driven startups
Igloo, founded by Wei Zhu, who previously served as Chief Technology Officer at Grab, works with e-commerce and travel firms such as Lazada, RedDoorz, and Shopee in Southeast Asia to offer their customers insurance products that provide protection on electronics, and coverage on accidents and travel. The company aims to make insurance claims accessible to all. The firm leverages Big Data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies.
“With COVID-19 impacting every facet of personal life and business, digitization can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness,” said Founder and CEO Zhu. Igloo also operates in Vietnam, Philippines, Thailand, Singapore, Indonesia, and Malaysia, and has over 15 million users who have benefited from its insurance products to date.
In the last year, the company has processed over 50 million transactions. The firm's insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. Igloo has formally rebranded, earlier known as Axinan, across all its current markets, including Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia.
“We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being,” Zhu added.
See also: Top Big Data Solution Companies