Igloo (previously Axinan), a Singapore-based insurtech business, has raised $19 million in a Series B fundraising round headed by Cathay Innovation. The round was joined by ACA and Openspace Ventures, bringing the total amount raised to over US $36 million.
The fresh funds will be used to accelerate product development and improve Igloo’s dynamic risk assessment and AI-powered claims assessment capabilities. In keeping with its ‘Insurance for All’ goal, the company’s product development and distribution efforts will continue to focus on Southeast Asia’s underinsured low- and middle-income population groups.
In addition, the insurtech firm will purchase intermediate assets, which will help Igloo’s business model synergize.
Along with the financing, Igloo has promoted Raunak Mehta, its Chief Commercial Officer, to Co-Founder and CEO. He’ll work with Igloo Board of Directors member and co-founder Wei Zhu.
Raunak has a wealth of expertise, having previously held positions of leadership at Flipkart and Zalora. He has led Igloo’s market expansion into the Philippines, Vietnam, Thailand, Indonesia, Australia, and Malaysia since joining the company in 2018.
Mehta said: “With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, The Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.”
Igloo, which was founded in 2016 by Zhu (the former CTO of Grab), uses big data, real-time risk assessment, and end-to-end automated claims processing to develop B2B2C insurance solutions for platform and insurance businesses.
Igloo has partnered with more than 50 well-known brands in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech, and financial services, to name a few.
Igloo claims to have facilitated over 200 million insurances in Southeast Asia since its start in 2019. Its gross written premium facilitation then quadrupled in 2021, and its solutions helped underwrite over 75 million policies in Southeast Asia.
Ignite by Igloo, new software designed to make the insurance sales process easier for agents and direct intermediaries, was just released. The AI-powered software provides a user-friendly online solution that brings together different insurance products on a single platform and assists agents in improving client interaction and managing products to better meet consumer demands.
The corporation has offices in Indonesia, Thailand, the Philippines, and Vietnam, in addition to Singapore. Its technology centres are in China. InVent led an undisclosed Series A-plus fundraising round for Igloo in 2020.
According to a survey released by Bain, Google, and Temasek, Southeast Asia’s digital economy is anticipated to reach US $360 billion by 2025. This expansion has sparked a need for digital insurance products including cybersecurity and e-wallet insurance, creating a US $10 billion potential for digital players and insurers in the area.
