Igloo, an insurtech company based in Singapore, officially launched in Vietnam through a cooperation with two major partners, Mobifone and Loship.
|The expansion of Igloo to Vietnam, known as one of Southeast Asia's leading digital economies, allowing the insurtech company to consolidate its leading position in Southeast Asia |
The expansion of Igloo to Vietnam, one of Southeast Asia's leading digital economies, will allow the insurtech company to consolidate its leading position in Southeast Asia.
The company expects to reach a value of $52 billion by 2025. It expects to quadruple team development over the next two to three years to accommodate operations expansion in Vietnam, where there is a $2.7 billion insurance market potential.
Nguyen Anh Duc, head of Commercial Vietnam at Igloo said that the company will enter strategic partnerships in a variety of industries to diversify its product portfolio, including single disease insurance, home insurance, corporate insurance, internet security insurance, e-wallet insurance, and pet insurance.
In addition to Indonesia, Vietnam is expected to be the fastest-growing market of Igloo, with expectations that one-third of insurance policies sold in Vietnam will be through the Igloo platform.
“The main goal of the company is to bring personal insurance services at a reasonable cost and in an easily accessible way to everyone. With its technological capabilities, Igloo wishes to transform the traditional insurance industry by working with partners to bring low-cost insurance products to the majority of the population,” he added.
Plus, the handshake with Igloo allowed Loship, the one-hour-delivery e-commerce platform to provide unsuccessful delivery insurance to 70,000 delivery drivers.
With a reasonable fee of VND28,900 ($1.25) a month, insurance for unsuccessful delivery allows drivers to receive shipping charges if the consumer decides to return the order because the product was not delivered in accordance with the order. This insurance product can minimise the damage caused by problems in delivery and order fulfilment, especially when online shopping in Vietnam saw a 25 per cent growth during the COVID-19 pandemic, according to a report by Deloitte.
Igloo has also seized the opportunity arising from Vietnam's booming digital economy and mobile device penetration by partnering with Mobifone to bring Mobicare service to 30 million mobile subscribers.
Mobicare is a personal accident product including daily expense allowance, internet data package, remote consultation service by Doctor Anywhere, a Singapore-based healthcare startup based in Singapore and helping Vietnamese consumers easily access medical services. The product is provided by PVI Insurance, designed exclusively for Mobifone's customers.
Igloo, formerly known as Axinan, is the first comprehensive insurance technology company in Singapore. The company has offices in Singapore, Indonesia, Thailand, the Philippines, and Vietnam, with technology centres in China.