Singapore-based regional insurtech Igloo has on Tuesday announced its partnership with TrueMoney, a Thailand-based e-payment and financial service provider, to provide critical health insurance products to Thai users.
The collaboration will make essential insurance products available via TrueMoney application, enhancing accessibility, affordability and convenience for users, Igloo said in a statement.
Customers are now able to shop for health-related insurance products including critical illness insurance from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance that fits their lifestyle needs.
According to the statement, critical illness insurance from ThaiVivat offers plans from 40 baht per month and addresses the growing need for accessible health insurance in Southeast Asia, where cancer is identified as one of the leading causes of death.
Cited the World Health Organization, the statement said the disease was responsible for 2.3 million new cases and 1.4 million deaths in 2020.
Moreover, customers can purchase personal accident insurance for both juniors and seniors from Dhipaya with plans starting from 99 baht ($2.88) per month, as well as hospital
benefit insurance from Tokio Marine that covers out-of-pocket expenses and provides financial relief during hospital stays from 99 baht per month (to be launched in September 2024) via TrueMoney application.
“By integrating these offerings into the TrueMoney app, we are not only making insurance more accessible but also empowering individuals with the financial security they need in today’s uncertain times.
“This partnership is a testament to our commitment to innovation and inclusivity in the insurance industry,” said Raunak Mehta, Co-Founder and Chief Executive Officer of Igloo.
Meanwhile, Tanyapong Thanmavaranukupt, Co-President of Ascend Money Company Limited said this partnership with Igloo opens the opportunity for TrueMoney to offer a variety of insurance products to users on our application.
“The younger generation is also more keen to purchase insurance online, and this allows TrueMoney users to easily access insurance products,
“Igloo brings significant expertise in leveraging technology to create tailored insurance solutions, ensuring a seamless and efficient experience for TrueMoney users,” he added.
It is noted that committed to championing financial inclusion for the underserved through technology, TrueMoney has provided users in the region with innovative financial services that allow them to send money and pay bills using their phones, among other services.
By leveraging TrueMoney’s platform, Igloo is able to extend the reach of essential insurance products to the underserved and those residing in remote areas, helping to bridge the protection gap.
Additionally, Igloo’s expertise in working with fintech leaders across the region enables it to rapidly develop, launch, and scale tailored insurance solutions.
In Vietnam, Igloo has recently forged partnerships with Zalopay to offer popular products such as Phone Screen Protection.
It has also worked with GCash in the Philippines and DANA in Indonesia, offering unconventional products tailored to consumers’ lifestyles to make insurance easier to understand and purchase.
Igloo is a regional full-stack insurtech firm that 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.
The firm has partnered with over 75 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.
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