Singapore-based insurtech firm Axinan has rolled out a new app known as igloo to offer on-demand digital insurance solution to millennials.

The newly launched app’s offering will be customisable Phone Screen Protection (PSP) plan, which will allow users to purchase policies and make claims digitally and seamlessly through the app.

In order to offer the PSP insurance policies, Axinan has selected digital insurer FWD Singapore as the official insurance partner.

The PSP plans, available in the form of daily, monthly and yearly subscription plans, will allow users to get their phone screens replaced in case physical damage to the screens.

Axinan has collaborated with a number of phone repair service companies to provide repair services.

Axinan founder and CEO Wei Zhu said: “Axinan is an insurtech firm with a focus on developing insurance products for millennials and hence has built products catering to their lifestyle centred around gadgets, travel, e-commerce – domains not covered by traditional insurers.

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“With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials in Southeast Asia in mind.”

FWD Singapore CEO Abhishek Bhatia said: “As a brand that has continuously leveraged on technology to create real value and convenience in the insurance industry, FWD is delighted to work with Axinan on the Phone Screen Protection plans.

“We believe digital innovation will play a key role in fulfilling consumer demands today, and this partnership is a demonstration of how by focusing on what customers need, companies can provide real value-added digital services.

Axinan, which was established in 2016, uses big data, actuarial risk management and machine-learning to developing solutions for enterprises.