Meet Igloo! This Singaporean insurtech just raised a $19M Series B led by Cathay Innovation. It has also promoted its CCO, Raunak Mehta, to Co-founder and CEO.

• Their 50+ company partners include Shopee, Foodpanda, GCash, Bukalapak and more.
• They're active in 6+ countries, including the Philippines, Vietnam, Thailand, Malaysia and Indonesia.
• In 2021, they nearly tripled their gross written premium facilitations.
  

Who else cashed in? Singtel Innov8, ACA Investments, Openspace Ventures and Partech Ventures also joined in.

❄️  Into the Igloo

Igloo is B2B2C and works with companies and insurance partners to offer insurance products to customers.

• Since 2019, they've facilitated over 200M insurance policies across SEA.
• Examples include offering insurance to Bukalapak's merchants and consumers and Foodpanda's riders.
  

Why do this? Through Igloo, companies can reduce risk, build trust, optimize existing products and services and open up new revenue streams.

🧐  How it works

Insurance products. Igloo offers insurance products covering automobiles, cybersecurity, electric and personal goods, e-wallets, personal accidents, single diseases, transit, travel and pets.

• Its plans can be customized and integrated easily.
  

Risk management. Assess risk through machine learning and other methods, including a plug-and-play device for auto insurance.

• Their risk management and methods help calculate fair yet manageable prices.
  

APIs and tech. Igloo offers three APIs to generate fair yet competitive pricing, speed up and manage claims and recommend insurance to the right customers.

• It also has an AI-powered app for agents and intermediaries to improve the insurance sales process.

🚀  What's next?

Igloo's investing in their tech and products and acquiring intermediary assets. Apart from that, they're firing up their focus on lower to mid-income segments, who are typically underinsured.