PriyaPatel
TLDR:
- Igloo partners with Zalopay, Lotte Finance, OPES, and FE Credit to expand insurance excess in Vietnam.
- The partnerships aim to offer popular insurance products and tailored solutions for tech-savvy Vietnamese individuals.
Singapore-based insurtech company Igloo has announced partnerships with Vietnam-based finance solutions Zalopay, Lotte Finance, FE Credit, and OPES to extend insurance coverage to underinsured communities in Vietnam. These collaborations not only provide existing insurance products but also introduce new products designed to meet the specific needs of modern Vietnamese consumers.
One key area of focus is smartphone insurance, with a partnership with Zalopay offering Phone Screen Protection to over 14 million regular users of the e-wallet network. Additionally, a partnership with Lotte Finance will introduce Income Protection Insurance and Car Physical Damage coverage in response to the economic challenges faced by many individuals in the region.
Through partnerships with FE Credit and OPES, Igloo will provide Accidental and Liquid Damage insurance bundled with mobile phone installment plans. This coverage includes protection against unexpected damage such as fire, breakage, water damage, or flooding, offering comprehensive protection to consumers.
Igloo’s CEO, Raunak Mehta, emphasizes the company’s commitment to leveraging technology-driven solutions to revolutionize the insurance industry. The partnerships in Vietnam are part of Igloo’s broader strategy to make insurance more accessible and affordable to underserved segments across the region.
The Southeast Asian market presents significant opportunities for insurance expansion, with a Deloitte report indicating a projected increase in non-life insurance penetration in 2024. As awareness of insurance importance grows, there is a rising demand for tailor-made products that address specific lifestyle risks, which Igloo and its partners aim to fulfill.
With a strong presence in Southeast Asia’s digital economy, Igloo sees potential for growth as digital insurance penetration continues to increase. The company aims to extend its protection solutions to more underserved sectors in the region, leveraging its technology-driven approach to deliver innovative insurance products.
Overall, Igloo’s partnerships with key players in Vietnam signal a strategic move towards expanding insurance accessibility and affordability in the region, catering to the evolving needs of consumers in a digital age.
