Singapore-based insurtech company Igloo has entered alliances with several financial services providers to expand insurance coverage in Vietnam.
As part of the initiative, Igloo is partnering with digital wallet services provider Zalopay, consumer finance providers Lotte Finance and FE Credit, and digital insurer OPES.
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These collaborations aim to introduce insurance products that cater to the needs of the country’s tech-savvy population, addressing the low insurance penetration rate, which currently stands at just over 3%.
In Vietnam, insurance awareness is traditionally focused on well-known types such as life, health and vehicle insurance.
However, as the importance of insurance gains recognition, there is a growing demand for customised products that reflect the modern Vietnamese lifestyle and the daily risks faced by individuals.
Igloo’s partnerships aim to revolutionise the insurance landscape by offering such products.
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By GlobalDataThrough the tie-up with Zalopay, Igloo is introducing phone screen protection to the company’s e-wallet user base. This move taps into the increasing smartphone usage in Vietnam and the corresponding need for device insurance.
With Lotte Finance, Igloo has launched income protection insurance and car physical damage cover, addressing the financial insecurities caused by the economic downturn and potential job losses.
In March, Igloo partnered with OPES and FE Credit to offer accident and liquid damage insurance, which is integrated with mobile phone installment plans.
This product provides coverage for electronic devices and covers repair or replacement costs for devices damaged by unforeseen events.
Igloo country manager for Vietnam Tri Nguyen said: “At Igloo, our mission is to revolutionise the insurance industry through technology, ensuring accessible and dependable insurance solutions. By partnering closely with leading financial and insurance partners in Vietnam, we extend our reach to a wider audience and deliver innovative products tailored to evolving consumer needs.
“This collaboration underscores our dedication to making insurance affordable and accessible to diverse Vietnamese communities, thereby enhancing insurance awareness and penetration in the country”.
In December 2023, Igloo garnered $36m (S$48.2m) in a pre-Series C funding round.
The round was led by Eurazeo and saw participation from existing investors Openspace and La Maison.
