INSURTECH: IGLOO
Raunak Mehta, Chief Commercial Officer, Igloo
How insurtech firm Igloo plans to corner SEA’s digital insurance market
It offered the region a ‘plug and play’ telematics-based solution that analyses the driver’s behaviour to determine motor insurance premiums.
T
he regional insurtech, Igloo, has a very clear goal in mind: revolutionise the industry in terms of products, distribution channels, and underwriting to make a lasting impact in Southeast Asia. That is why it has been partnering with different firms from almost every industry in major markets in Southeast Asia. Igloo has considerable experience in different fields and has been able to provide innovative business to business to consumer (B2B2C) solutions for its partners and their consumers. It has worked with partners across the region such as Allianz, Cigna, MSIG, Sompo, Shopee, Foodpanda Thailand, Bukalapak, Blibli, Fabelio, RedDoorz, Union Bank of the Philippines, MobiFone, and Loship to name a few, across the insurance, telecommunications, e-commerce, travel, and financial services sectors. Since its rebranding, it continues to be unstoppable, with left and right partnerships. But what exactly is Igloo’s secret to success? Insurance Asia sat down with Raunak Mehta, chief commercial officer of Igloo, to discuss what made this insurtech firm a cut above the rest. What makes Igloo stand out from other Singaporebased insurtech companies? Since our inception in 2016, we have been collaborating with partners from different industries across Southeast Asia—including Indonesia, the Philippines, Thailand, and 10 INSURANCE ASIA
Igloo has a strong core leadership team of experts with experience spanning fintech, banking, e-commerce, tech, and insurance
Vietnam—to come up with microinsurance products that suit the needs of the masses. With our full-stack capabilities, we use big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platforms and insurance companies. An example of our exceptional innovation includes a Usage-Based Motor Insurance designed to provide a cost-effective car insurance solution for drivers in Thailand, where traffic fatalities are one of the highest in the region. It is a plug and play telematics-based solution that taps on Big Data to analyse driving behaviour and vehicle usage to determine insurance premiums and reward safe drivers, allowing them to save up to 40% premiums. The parameters used to calculate the premiums include speed, distance, duration of driving, time of driving, and driving area. As more people are working from home now, car usage has been affected as well, and this product is timely in the sense that it helps drivers to save up on premiums through a pay-per-use basis. We also have a strong core leadership team of experts with experience spanning fintech, banking, e-commerce, tech, and insurance. We recently made an important strategic hire, our first chief operating officer, who will scale our company’s operations for increased market penetration and growth.
