Singapore-based insurtech startup Axinan has rebranded as Igloo, and announced today that it has closed its Series A+ funding round, bringing its total funding to $16m.
Igloo said the new funding will be used to strengthen the company's position in South-East Asia with Vietnam, Philippines, and Thailand identified as priority markets. It will also enhance Igloo's full-stack insurtech offering by strengthening tech capabilities and acquiring licenses.
The full-stack insurtech firm works with leading e-commerce and travel players in South-East Asia including Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit, and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo.
Insurtech companies are at the forefront of driving digital transformation in the digital industry, creating innovative products to serve millennials better."
Since the company was founded in 2016, Igloo's insurance products have covered over 15 million customers, and over 50 million transactions in the past 12 months, the company said.
Igloo's active markets include Singapore, Indonesia, Malaysia, Thailand, the Philippines and Australia.
"With covid-19 impacting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness," said Wei Zhu, founder and CEO of Igloo.
"We see that digital insurance is on the rise in South-East Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers' needs for personal well-being," he added.
Around Igloo's funding from a several blue chip, strategic investors, Wei Zhu said that digital insurance penetration is low in the region, at only 6% today. But Igloo's digital insurance offering, together with widened distribution networks and partners will make insurance available anytime, anywhere so that consumers can assess it when they need it most.
Narongpon Boonsongpaisan, head of InVent by Intouch Holdings, added, "We are extremely excited to welcome Igloo as the first insurtech in our portfolio. Insurtech companies are at the forefront of driving digital transformation in the digital industry, creating innovative products to serve millennials better. We believe that Igloo's advanced tech stack can drive real change in the industry and bring the focus back to consumers' needs."
Igloo said it is the first full-stack insurtech firm to emerge from Singapore.