Singapore-based insurtech firm Igloo has raised $19m in Series B investment led by Cathay Innovation. 

The funding round, which brings Igloo’s total funds raised to over $36m, also saw participation from ACA and existing investors such as Openspace. 

Igloo will use the proceeds to further its aim of becoming the region’s key insurtech player and strengthening its dynamic risk assessment and AI-powered claims assessment tools.

The insurtech said that its product development and distribution will prioritise the underinsured low to mid-income customers in Southeast Asia.

It is also building new technological capabilities, which can be leveraged by Igloo’s partners via an open platform.

Furthermore, Igloo will use the proceeds to acquire intermediary assets to bring synergies to its business model.

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Concurrently, Igloo appointed chief commercial officer Raunak Mehta as its co-founder and CEO. 

Mehta joined the firm in 2018 and has headed its foray into Vietnam, Thailand, Indonesia, Australia, Malaysia and the Philippines. 

Openspace executive director and board member Ian Sikora said: “Under the stewardship of Raunak, Igloo responded with creativity and pace, and has now captured a leading share of the regional market. We have been active partners since 2018, and it was encouraging to see the team come together and find opportunities amidst the tumult.”

Mehta said: “As the only regional insurtech with a diverse set of products and partners, Igloo will continue on its aggressive growth trajectory for the foreseeable future, looking at both organic and inorganic ways to further drive its vision of ‘Insurance for All’. 

“With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, The Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.”