Singapore-based insurance tech-startup called Igloo has raised around $8.2 million. This startup already has a grip over the markets in Australia and half a dozen SEA countries. The total investment of Igloo raised to a total of 16 million dollars.
What Is Igloo?
The Igloo, known as Axinan, rebranded this month in all its current market. This startup is founded by Wei Zhu. Previously he was a Chief Technology Officer at Grab. Now he works in e-commerce and associates with various travel firms like Lazada, RedDoorz, and Shopee. In Southeast Asia, this startup provides insurance to its customers. The insurance subjected to electronics protection, coverage on accidents, and travel.
What It Offers And Where?
This company focuses to make digital insurance accessible to all. Its insurance policies helps its customer companies to eliminate the operational risk. Also it helps to create revenue and enhance its quality of products and services.
The company has a huge market base in SEA. That includes nations like Singapore, Malaysia, Indonesia, Vietnam, Philippines, Thailand, Vietnam, etc. It has more than 15 million benefitted users across the region. Also it has solely processes 50 million transactions in the last year.
What’s In The Future?
According to Wei Zhu, only digitization can make it normal. as the Corona epidemic affecting everyone’s personal and business life. For his company this statement has become true. As in the last 45 days, the company surge in transactions on e-commerce. But it also experiences doom in travel-related business. Also he expects to expand reach to personal health, accidents related insurance, and products.
The company planning to expand to new markets in Vietnam, the Philippines, and Thailand. Also it focuses on developing the business and building the engineering team stronger.
According to SEA Internet Economy Report digital insurance penetration is low there. In the countries of Southeast Asia, it is as low as 6%. So, for now the digital insurance sector in Southeast Asia valued 2 billion dollars. The market is expected to grow to 8 billion dollars by 2025. In this booming industry, Igloo has a great future ahead.