JMT Network Services PCL and Axinan Thailand Co Ltd have established a joint-venture (JV) in Thailand. JMT Network Services is a subsidiary of Thailand conglomerate Jaymart Group while Axinan Thailand Co Ltd is the Thai subsidiary of Axinan Group. The Singapore-headquartered Axinan Group operates the leading regional insurtech brand ‘Igloo’.
The JV will leverage Jaymart Group’s vast retail reach and Igloo’s market-leading insurance technology and capabilities to build Thailand’s first true digital insurer.
In this, it will design and deliver digitally-differentiated insurance products and cutting-edge/industry-leading insurtech solutions tailored to businesses and consumers in Thailand.
Diverse retail expertise and reach
Jaymart Group currently serves over 10 million Thai consumers through a diverse portfolio of successful businesses, including mobile phone and electronics distribution, distressed debt management, food and beverage (F&B), property management, and insurance services.
The JV plays a strategic role in accelerating Jaymart’s broader digital evolution. As the group continues to integrate technology across its businesses, the addition of embedded insurance enhances its value proposition, offering customers not just products and services, but protection tailored to their lifestyles.
Mr. Ekachai Sukumvitaya, Deputy Chief Executive Officer, Jaymart Group Holdings said, “At Jaymart Group, our goal is to deliver exceptional customer experiences powered by technology, The landmark joint-venture with Igloo unites best-in-class insurance tech and deep knowledge of Thai consumers. It will unlock new opportunities to integrate protection into our business lines, from device financing to lifestyle retail, while spearheading a new future of Thailand’s insurance sector.”
Insurance product and tech pedigree
Meanwhile, award-winning regional insurtech Igloo brings to the JV its market-leading insurance technology developed and honed over the years across its successful embedded insurance, direct-to-consumer, sales intermediaries and brokerage business lines across Southeast Asia.
To date, Igloo has, through its proprietary insurance technology, facilitated over 650 million insurance policies through more than 75 partnerships.
Across the region, Igloo has worked with household brands from e-commerce, fintech, banking, logistics and retail sectors: Shopee, Lazada,Tokopedia, Dana, GCash, Circle K, Mobifone, count amongst brands that Igloo has partnered with to embed microinsurance products on online and offline channels. It has also co-created award-winning innovative insurance products like Gamer’s Insurance, Safe Dining insurance, and Weather Index Insurance.
Raunak Mehta, CEO and Co-founder of Igloo said, “This joint venture is a game-changer on many fronts, Through our leading insurance technology and product expertise, we will be a transformative force for the Jaymart Group of businesses, accelerating their push towards digitilisation. A focus will be implementing AI in automation, efficiency and risk-management. It will be, in essence, a blueprint for similar conglomerates running vast and varied businesses who want to bring forth a digital leap into providing insurance protection to today’s digital-savvy consumers.”
About JMT Network Services
JMT Network Services Public Company Limited, a key subsidiary of the Jaymart Group, continues to solidify its position as Thailand’s leading player in the debt management and asset recovery sector. With a strong track record of performance, innovation, and strategic growth, JMT plays a pivotal role in driving the financial arm of the Jaymart ecosystem.
About Jaymart Group
Jaymart Group Holdings PCL is listed on the Stock Exchange of Thailand (SET). Its core businesses span technology retail, consumer finance, debt recovery, and insurance. The Group’s ecosystem model enables cross-company synergies that enhance customer engagement and operational efficiency.
About Igloo
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 centres in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies.
