Singapore-based insurance coverage know-how firm Igloo has obtained $27 million in an prolonged Sequence 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 Sequence 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 inexpensive insurance coverage to underserved communities in Southeast Asia, particularly gig financial system employees and small companies. It leverages massive knowledge, real-time danger evaluation, and end-to-end automated claims administration to supply know-how 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 embrace 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 is going to additionally support in its ongoing seek for merger and acquisition alternatives.
MARKET SNAPSHOT
Traders have taken discover of rising insurtech gamers in Asia for the reason that begin of the yr. In February, Hong Kong-based Qumata raised $13 million extra in Sequence 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 Sequence C funding in September for its ongoing enlargement efforts.
