Singapore-based insurance coverage expertise firm Igloo has acquired $27 million in an prolonged Collection B funding spherical led by InsuResilience Funding Fund II, which is managed by BlueOrchard Finance, together with Ladies’s World Banking Asset Administration, Finnfund, La Maison and Cathay Innovation.
This brings its complete proceeds from its Collection B spherical to $46 million. It initially raised $19 million in March in a spherical led by Cathay Innovation.
WHAT IT DOES
Since its inception in 2016, Igloo has been offering accessible and reasonably priced insurance coverage to underserved communities in Southeast Asia, particularly gig economic system staff and small companies. It leverages large knowledge, real-time threat evaluation, and end-to-end automated claims administration to supply expertise options for insurers. Thus far, it has partnered with 55 firms throughout seven Southeast Asian international locations, together with Singapore, Indonesia, Thailand, the Philippines, Vietnam, Malaysia, India, and China.
At current, its platform has a portfolio of 15 insurance coverage merchandise, which embody private accident and single illness coverages, and facilitated over 300 million insurance policies.
WHAT IT’S FOR
In response to a press launch, its newest funding shall be used to “double down” on hiring engineering, product, design and knowledge expertise throughout Southeast Asia. It’s going to additionally help in its ongoing seek for merger and acquisition alternatives.
MARKET SNAPSHOT
Buyers have taken discover of rising insurtech gamers in Asia because the begin of the 12 months. In February, Hong Kong-based Qumata raised $13 million extra in Collection A funding for its regional enlargement. Well being insurtech Rey Assurance from Indonesia scored $4.2 million in seed funding in July. One other insurtech firm, Zopper from India, additionally secured $75 million in Collection C funding in September for its ongoing enlargement efforts.
