Southeast Asian Inland Tech Igloo Launches Series B to $46M TechCrunch

The iglooInsurtech company based in Singapore that focuses on the underprivileged in Southeast Asia has announced it has raised $27 million in Series B to bring its total round to $46 millions. The first tranche was $19million announced in March,It is led by Cathay’s innovative approach with participation from ACA returning investors and OpenSpace.

The InsuResilience Investment II Fund, which was launched by KfW, a German development bank, for the German Federal Ministry for Economic Cooperation, was the lead investor in the latest round. It was managed by BlueOrchard, an influencer investor. Other notable investors include Women’s World Banking Asset Management(WAM), FinnFund and La Maison, as well as returning investors Cathay Innovation.

Igloo develops its insurance products and then works with the insurance companies who underwrite them. Igloo currently collaborates with 20 insurance companies in Southeast Asia. It distributes its products through partnerships with more than 55 companies across 7 countries. It now offers 15 products, including policies that are available to gig workers, farmers, and players in Vietnam.

TechCrunch was informed by Ronak Mehta, co-founder and CEO of Igloo, that the company decided to raise Series B funds due to investor interest following the initial round of funds. The startup will have a multi-year runway. It will use the extension to hire, expand its infrastructure, and explore merger and acquisition possibilities.

Mehta stated that insurance penetration rates in most of Southeast Asia are low at less than 100 US dollars per capita in Indonesia and Vietnam. Igloo was founded to make insurance affordable for all and to meet the needs of Southeast Asia’s communities. Igloo sells insurance products that range from $2 cents for screen protection to $600 for comprehensive car insurance.

Igloo offers the technology stack for its products throughout Southeast Asia. Mehta states that this means that the entire insurance value chains, from product discovery to claims, can be accessed on one platform. This allows Igloo to distribute its policies faster and reduces the operational costs of claims.

Mehta stated that more than 80% claim processing is done in an automated or semi-automatic manner. Big data management combined with machine learning, artificial intelligence and machine learning has allowed it to reduce the risk for anti-check, false negatives, and fraudulent claims. Igloo’s ability to lower premiums is due to its ability to reduce the cost of managing claim claims.

Igloo sells insurance policies to financial services economy commuters through its partnership with Foodpanda Thailand, Singapore and Philippines, Lozi and Ahamove Vietnam. PandaCare, the policy it offers to Foodpanda, provides income protection for automobiles and personal accidents as well as hospitalizations for workers.

Vietnam’s weather index insurance policy is another, and a newer product. The policy uses blockchain-powered smart contracts and automates claims payments using preset values ​​for crop losses caused by weather and other natural events. Igloo states that Vietnam’s first security border (or a) is the weather indicator security. PoliciesIt agrees that it will provide pre-agreed payment based on triggering event (e.g. flooding) and its first integration with smart contracts into insurance.

Through a partnership with Philinsure, Igloo also offers products that Mehta claims directly or indirectly benefits women. They have distributed over 5 million documents to small business owners and families, covering credit default, family relief, natural disaster support, and personal accident. Igloo’s Ignite platform is used by more than 65% Vietnamese agents to sell insurance policies. They are also the main beneficiaries for the Weather Index Insurance product.

Insurtech has a number of distribution partners, including telecom companies such Telkomsel AIS and Mobifone as well as ecommerce platforms such Shopee and Lazada. It also works with financial service providers like AEON, Gcash and UnionBank to sell policies to their customers.

There are other insurance companies that are based in Southeast Asia who would like it. Increasing the spread of insurance in the regionIt has lifted Series B tours including Indonesia. fuseAnd the Pasar PoliceThailand Sunday.