Regional insurtech firm Igloo has recently launched a range of new insurance products aimed at addressing emerging risks and the underserved needs of consumers and businesses in Southeast Asia.
The three innovative products include Safe Dining Plan Insurance, designed to provide coverage for food poisoning in Indonesia; NegosyoCare Insurance offering protection for micro, small, and medium enterprises (MSMEs) in the Philippines; and Accidental Damage and Liquid Damage Insurance (ADLD) safeguarding mobile phones in Vietnam.
Ealier this year, the Indonesian government called for vigilance after heightened cases of food poisoning among children. Igloo co-created Safe Dining Plan Insurance with the largest mobile wallet DANA, which has 135 million users nationwide, to offer coverage for food poisoning threats associated with Indonesians’ preference for online food delivery or eating out, estimated to be 22 percent and 43 percent, respectively. Underwritten by PT Victoria Insurance Tbk, customers can easily purchase this insurance product when they checkout with DANA QRIS during transactions. The protection period is up to three days after being purchased and stopped when the customer submits a claim of food poisoning, and it provides up to IDR 500,000 (USD 33) in coverage for foodborne illness for a premium of IDR 300 (USD 0.02).
Despite making up 99.6% of local firms in the Philippines, there’s still a need for MSMEs to find insurance plans that suit their operational and financial demands. Igloo offers an affordable alternative with the release of NegosyoCare in collaboration with mobile wallet GCash and Malayan Insurance. Premium starts at PHP 160 (USD 3) for a month’s coverage and goes up to PHP 525 (USD 9) for a year’s coverage. Protection against accidental death, total and permanent disability as a result of an accident, disablement or loss of limb as a result of an accident, medical reimbursement for accidents, cash aid in the event of a fire, and burglary and housebreaking are all included in the comprehensive package.
In Vietnam, Igloo unveiled ADLD insurance for mobile phones in partnership with e-commerce giant Sendo and leading electronic device retail chain Viettel in country to protect the digital lifestyle of consumers in the fastest-growing economy in Asia. The product, which is underwritten by PVI Insurance and BSH insurance, has coverage for broken, wet, or flooded devices as well as damage from fire.
“As an insurtech firm, we prioritize creating microinsurance products that cater to emerging risks and underserved needs in today’s dynamic landscape,” shared Raunak Mehta, Co-Founder and CEO at Igloo. “The introduction of our new insurance products represents our commitment to providing affordable policies that are tailored to meet the evolving demands of consumers and enterprises.”
The conceptualization of Igloo’s product offerings involves a combination of comprehensive market research and a thorough analysis of customer demand. As a result, the insurtech company can quickly build the required technology, produce customized solutions that meet underserved needs and emerging risks, and contribute to raising the region’s insurance penetration rate.
Igloo’s regional footprint has been on a strong growth trajectory, cementing partnerships with over 55 companies across seven countries and offering over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 15 times since 2019. Since its inception, Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia and is the only insurtech in the region with all major economies contributing to its performance.