Regional insurtech company Igloo, located in Singapore, announced that it has partnered with Thailand’s TrueMoney, an e-payment and financial services provider, to offer essential health insurance products to Thai consumers.
According to a statement from Igloo, the partnership would increase user accessibility, affordability, and convenience by providing vital insurance products through the TrueMoney app.
Consumers can now browse for health-related insurance products that suit their lifestyle demands, such as hospital benefit insurance from Tokio Marine Insurance, personal accident insurance from Dhipaya Insurance, and critical illness insurance from ThaiVivat Insurance.
As per the announcement, ThaiVivat’s critical illness insurance plans start at 70 baht ($2.04) per month and cater to the increasing demand for easily accessible health insurance in Southeast Asia, where cancer is among the top causes of death.
The World Health Organization was cited in the statement, which said that in 2020, the illness will be to blame for 1.4 million deaths and 2.3 million new cases.
Additionally, Dhipaya offers personal accident insurance for juniors and seniors starting at 99 baht ($2.88) per month, while Tokio Marine offers hospital benefit insurance for out-of-pocket expenses and financial relief (to be launched in September 2024) via TrueMoney.
“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.
It is mentioned that TrueMoney, which is dedicated to promoting financial inclusion for the underprivileged through technology, has offered users in the area cutting-edge financial services, such as the ability to send money and pay bills with their phones.
Igloo is able to close the protection gap by reaching the underprivileged and people living in distant places with vital insurance goods by utilizing TrueMoney’s platform.
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Additionally, Igloo can quickly build, deploy, and scale customized insurance products thanks to its experience working with leading fintech companies in the area.
Igloo and Zalopay have just partnered to offer well-known goods like Phone Screen Protection in Vietnam.
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It has also collaborated with DANA in Indonesia and GCash in the Philippines, providing customers with unique products that are suited to their lifestyles and making insurance simpler to comprehend and buy.
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.
Igloo is a regional full-stack insurtech corporation with operations in Singapore, Indonesia, Thailand, The Philippines, Vietnam, Malaysia, and China and India tech centers.
For platform firms and insurance companies, the company develops business-to-business-to-consumer (B2B2C) insurance solutions by utilizing big data, real-time risk assessment, and end-to-end automated claims administration.
More than 75 well-known brand names from a variety of vertical areas, including insurance, telecommunications, e-commerce, hotel, health tech, and financial services, have worked with the company.
About Igloo
Igloo is a full stack insurtech business. Big data, real-time risk assessment, and fully automated claims management are all used to produce cutting-edge B2B2C insurance solutions for insurers and platform partners.
