Bangkok October 2020

SOUTHEAST ASIA INSURTECH,
IGLOO, TO PROVIDE
FOODPANDA’S RIDERS IN
THAILAND WITH INSURANCE
Southeast Asian Insurtech company
Igloo – previously known as “Axinan”
– has partnered with foodpanda Thailand
to provide thousands of its riders
across Thailand with PandaCare, an
insurance protection programme that
will include motor insurance from MSIG
Insurance (Thailand), personal accident
insurance from Cigna Insurance, and
daily hospitalisation income protection
from Tune Insurance.
Igloo, a Singapore-headquartered
Southeast Asia full-stack insurtech
firm, employs big data, dynamic risk
assessment, and expedited claims
management, to provide partners with
widened distribution networks and allows
consumers access to customised
insurance
solu-
BUSINESS SUPPLEMENT
tions. Since the company was founded
in 2016, Igloo has already benefited
over 15 million customers in Singapore,
the Philippines, Vietnam, and Indonesia.
Kasikorn Research Center projects
that the number of food deliveries in
Thailand will see a growth of up to 84
percent, compared to the previous year,
as the Covid-19 outbreak has discouraged
people from visiting restaurants.
This rise in deliveries means that more
time will be spent on the road, making
it even more important for riders
to have the necessary insurance and
protection throughout their daily operations.
Through this partnership, Igloo
is helping provide coverage for riders to
ensure they can go about their work in
a safe manner.
Thailand ranks in the top 25
countries with the most significant
insurance gaps in
the world. In 2018, the
country’s insurance
penetration rate
stood at a mere
1.7 percent,
and the relative
cost of
the
insurance
gap
represented
0 . 3
percent
(US$1.5 billion) of its gross domestic
product (GDP). To make insurance
more prevalent, Igloo is focussing its
efforts on two main aspects: consumer
experience and affordability.
Igloo Thailand Country Manager,
Ms Chancharas Chantarakarn (Khun
Oil), says, “Igloo is driven to create an
insurance experience that meets the
needs of today’s digital consumers, especially
in Southeast Asia and in Thailand
where technology has become
more and more a part of our daily lives.
Our end to end management of the
customer journey on a single platform
from policy activation to claims filing
and management enables us to provide
a highly elevated customer experience.
Also, customer centricity is at the heart
of the solutions we build. Our motor,
personal accident, and hospitalisation
income protection products have been
carefully developed to address the daily
risks created by the increased demand
for food delivery.”
Leveraging its technological capabilities,
Igloo is able to deliver operational
efficiencies and lower costs for
its insurance partners. These savings
are then passed on to the consumers
through competitively priced products.
Mr Kit Kittirattana, Head of Logistics
foodpanda (Thailand), says, “Fighting
the pandemic requires cross-industry
teamwork and collaboration. In Igloo,
we have found a partner whose comprehensive
insurance products meet
our commitment to provide a safe work
environment for thousands of our riders
across Thailand. Our top priority is
to ensure the safety and well-being of
our riders as they go about providing an
essential service of delivering food and
groceries safely to doorsteps during
this pandemic.”
For its distribution partners, Igloo
brings together innovative products
from different insurers onto one platform,
with constant new product additions
made to stay relevant to market
needs. In the latter half of 2020, Igloo
will be introducing new products like
single disease, home, business, internet
security, e-wallet, and pet insurance
to its product portfolio in Thailand. Presently,
Igloo is in talks with one of the
largest telcos in the country to launch
its patented phone screen protection
product as well as with a leading insurer
for a revolutionary motor insurance
product. With plans to further scale its
business in Thailand and service multiple
industry verticals, Igloo will be partnering
with more companies that will
help it further its mission of providing
affordable insurance for all. It will also
be growing its team in the local office to
support its expansion.
Since the beginning of the Covid-19
outbreak in Southeast Asia, Igloo
has worked tirelessly with companies
across the region to curate affordable
insurance products for the masses,
supporting the people most impacted
by the crisis. So far, the insurtech
company has partnered with leading
e-commerce and financial institutes in
the region such as Union Bank of the
Philippines and Akulaku in the Philippines,
Ciputra Life, Bhinneka, and Blibli.
com in Indonesia, to offer micro-insurance
products. As Igloo strengthens
its foothold in the region and scales its
operations, it is working towards its next
round of funding.
Igloo was founded by Mr Wei Zhu in
June 2016 to provide affordable insurance
for everyone, regardless of their
economic background, allowing people
to protect the things and activities that
matter to them with highly customised
insurance offerings. In April 2020, Igloo
successfully closed its Series A+
funding round, bringing its total funding
to US$16 million. Igloo’s best-in-class
technology holds numerous patents,
including a patent for its unique screen
assessment technology.
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