Insurtech company Igloo said it plans to expand operations in Viet Nam this year.

Speaking at a press conference on Thursday Nguyen Huu Tu Tri, its country manager, said: “Igloo is committed to further strengthening its presence in Viet Nam, whose prolific non-life insurance market is estimated to have reached VND29.6 trillion [US$1.3 Billion] in June 2021, according to the Insurance Association of Viet Nam.

“Igloo is expanding into various sectors by working with companies of all sizes … in telecommunications, delivery, logistics, consumer finance, medicine, and e- wallet.

“We continue to strengthen our business model based on two key pillars: securing more strategic partnerships and strengthening our agency channel solution.”

Since launching in Viet Nam in March 2021, Igloo has expanded its network to include local partners like telecom firm Mobifone, one-hour-delivery e-commerce platform Loship, on-demand delivery platform AhaMove, and, recently, high-tech financial services company LOTTE Finance.

Raunak Mehta, its chief commercial officer, said: “In 2022 Igloo will expand across Southeast Asia. We are seeing more customers who are purchasing lifestyle insurance on the back of end-consumer demand for affordable, accessible insurance solutions. We are heartened by our Vietnam successes just nine months in and with plans laid out for the year, this makes for an exciting 2022.”

Given Viet Nam’s strong insurance demand and a digital-savvy market composed of 53 million online consumers, the company has launched an AI-powered platform, Ignite by Igloo, to enhance sellers’ productivity through a smoother and more efficient sales process.

Founded in 2016, Igloo has established a regional footprint with operations in Indonesia, Thailand, the Philippines, and Viet Nam. The partnerships are in various verticals like insurance, telecom, e-commerce, hospitality, healthtech and financial services.

Igloo’s insurance solutions have benefited over 15 million users in Southeast Asia. — VNS