Insurtech firm Igloo has successfully secured US$36 million in Pre-Series C funding to fuel expansion in the Philippines and the rest of Southeast Asia.
The round was led by the global investment firm Eurazeo, leveraging its insurtech fund supported by BNP Paribas Cardif. Openspace and La Maison, previous investors who actively participated in Igloo’s Series B and Series B+ fundraises, also played a pivotal role in this latest funding achievement.
Founded in 2016 by Raunak Mehta and Wei Zhu, Igloo is a regional full-stack insurtech firm currently based in Singapore. Dedicated to ensuring widespread access to insurance, the company utilizes big data, real-time risk assessment, and fully automated claims management in crafting B2B2C insurance solutions for both platform and insurance companies. Igloo’s insurance solutions help businesses mitigate operational risks, generate new revenue streams, and optimize and enhance their existing products and services.
The latest funding round brings Igloo’s total capital raised to the $100 million mark. The new funding round will grow Igloo’s presence specifically in emerging markets like the Philippines where the company has already facilitated over 60 million protection plans.
Igloo’s focus on the Philippines takes into consideration that insurance penetration remains low at 1.75%, with microinsurance crucial to educating and fostering increased insurance awareness among Filipinos.
In the Philippines, Igloo has already partnered with a number of notable apps and platforms to further awareness and adoption of insurance products. In the past, Igloo has worked with Etiqa and Shopee to introduce Cracked Screen Protection and Electronics Protection Plans for over 73 million visitors on the Shopee Philippines platform. Igloo has also built partnerships with other insurance firms in the country such as Etiqa, Malayan Insurance, PGA Sompo Insurance Corporation, and Mercantile Insurance.
Igloo aims to enhance its Philippines operations with the launch of Ignite by Igloo, a digital platform improving sales intermediaries’ productivity through insurance value chain digitization. Currently available in Indonesia and Vietnam, Ignite by Igloo collaborates with 22,000 sales intermediaries, with plans to reach 50,000 agents in 2023. Igloo also plans to introduce Weather Index Insurance, a blockchain-based parametric insurance for farmers that has gained traction in Southeast Asia, covering 20,000 hectares of crops since its November launch.
“At Igloo, our goal is to introduce innovative products in collaboration with our partners, aiming to not only safeguard consumers from unforeseen situations but also contribute to the Philippine government’s efforts in raising awareness and expanding insurance penetration in the country,” said Mario Berta, Igloo’s Country Manager for the Philippines. “Witnessing the positive shift in attitude toward microinsurance among Filipinos through our products, we are committed to expanding our services and establishing more partnerships in the Philippines in 2024 and beyond.”