Singapore-headquartered regional insurtech Igloo has partnered with Vietnam-based finance solutions Zalopay, Lotte Finance, FE Credit and digital insurer OPES to expand insurance coverage to broader underinsured communities in Vietnam.

These partnerships not only offer popular insurance products but also introduce a new range of products tailored to safeguard the distinct needs of modern, tech-savvy Vietnamese individuals, Igloo said in a statement on Wednesday.

According to the statement, the increasing smartphone usage in Southeast Asia has underscored the demand for device insurance.

Thus, Igloo’s collaboration with Zalopay will offer Phone Screen Protection through Vietnam’s second-largest e-wallet network, boasting over 14 million regular users and a network of more than 30,000 merchant partners.

Meanwhile, with current partner Lotte Finance, Igloo and the financial service provider will introduce two brand new products: Income Protection Insurance and Car Physical Damage.

Amid the economic downturn in the region that has resulted in widespread layoffs and salary reductions, it said Income Protection Insurance provides essential financial security and safeguard against job loss due to unforeseen circumstances, enabling individuals to meet daily expenses and maintain livelihoods.

Igloo has also partnered with FE Credit and OPES to provide Accidental and Liquid Damage insurance (ADLD) through FE Credit’s extensive network of over 21,000 points of sale.

This insurance product will be bundled with mobile phone installment plans.

The ADLD Insurance package offers coverage for device repair or replacement due to unexpected damage, including incidents such as fire, breakage, water damage, or flooding, providing comprehensive protection for consumers.

Igloo said the firm has been continuously collaborating with like-minded players across the region to make insurance more accessible and affordable to underserved segments.

To date, the firm has been on a positive trajectory and has cemented partnerships with over 75 companies across eight countries and over 15 products in its expanding product suite.

Igloo’s portfolio of distribution partners in the region has expanded to include giants across various industries such as fintech, ecommerce, and even traditional retail which include the likes of Lazada, Shopee, and Tokopedia.

It also forged partnerships with Realme and Oppo, enabling online insurance sales to offline shoppers, bridging the gap between traditional and digital channels.

This latest partnership with Zalopay, Lotte Finance, OPES and FE Credit in Vietnam further fuels this momentum.

Raunak Mehta, Co-Founder and Chief Executive Officer of Igloo, emphasized Igloo’s commitment to revolutionizing the insurance industry through technology-driven solutions.

“At Igloo, our mission is to revolutionize the insurance industry by making microinsurance more broadly available,

“By partnering with leading players in countries like Vietnam, we are able to reach a wider audience and deliver innovative products tailored to emerging risks,” he added.

According to the statement, Southeast Asia as a market holds tremendous potential for insurance.

Cited Deloitte report, it said ‘Emerging Asia’ – which includes key Southeast Asian markets like Vietnam, Thailand, the Philippines, and Indonesia, is expected to see a 6.7 percent increase in non-life insurance penetration in 2024.

As awareness of the importance of insurance rises, it said people are increasingly seeking tailor-made products that directly address their lifestyles and the daily risks they
encounter, and this is where Igloo and its partners are changing the game.

It is noted that through its partners, Igloo has facilitated over 480 million policies across the region and aims to extend protection solutions to more underserved sectors in the region.

Igloo said its strong business potential lies in Southeast Asia’s growing digital economy, which is expected to hit $300 billion in 2025.

It opined that he increasing digital insurance penetration opens up new opportunities for digital players and insurance companies which are worth over $10 billion in the region.

Igloo is a regional full-stack insurtech firm headquartered in Singapore.

It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centers in China and India.

The firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create business to business to consumer (B2B2C) insurance solutions for platform companies and insurance companies.

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