- Igloo will be the first in Asia to provide non-life insurance products through convenience store chains beginning with its Circle K partnership in Vietnam.
- Circle K expands Igloo’s comprehensive network of partners primarily comprised of fintech, e-commerce, and logistics–enabling the insurtech to make insurance accessible to more people and underinsured segments.
- Following the launch in Vietnam, the model is expected to be replicated in other Southeast Asian countries in the near future
SINGAPORE, 26 April 2023 – Regional insurtech Igloo announced today its strategic partnership with global convenience store Circle K to increase the accessibility of insurance products in Southeast Asia. Beginning with Vietnam, where Circle K has over 400 stores, the partnership marks the first time that general insurance products will be available for purchase in convenience stores in Asia.
“Partnering with a convenience store chain – bringing offline consumers online – is par for the course in our mission of making insurance accessible in the region”, shared Raunak Mehta, Co-Founder and CEO at Igloo. “Modern retail forms like convenience stores are driving the revenue growth of Southeast Asia’s expanding supermarket scene at a rate of seven to ten percent, promising a vibrant distribution channel for insurance goods to improve reach and awareness for new general insurance products that meet today’s lifestyle.
“Our technological capabilities help us in being channel-agnostic and cover more touchpoints ensuring consumers get the same easy and seamless customer experience whether they shop online or in convenience stores,” Mehta added.
In the initial phase, Igloo and Circle K launched Motor 24/7 Insurance in stores in major cities such as Ho Chi Minh City and Hanoi. Vietnam recently emerged as the second country with most motorcycle sales in ASEAN last year. For many Vietnamese, this emphasizes the value of Motor 24/7 Insurance, a product that provides a full package of 24/7 rescue in situations like tire puncture, out of gas, out of tank, engine failure, and loss of lock in more than 50 provinces; coverage for theft, loss, and total car damage; accident insurance for up to 2 people in the car; and civil liability insurance.
Other products such as pet insurance and personal accident insurance will be introduced in succession. Pricing starts at 30,000 VND (1.28 USD) for a 1-month plan and 282,000 VND (12 USD) for a 12-month plan. Customers can scan a QR code at the Circle K counter to access a portal where they can choose a product and coverage plan and start the application process. Payment can be made at shop counters, then customers will receive an online Certificate of Insurance within a few minutes.
“The low insurance penetration, the young and tech-savvy population, and the increasing middle class in Vietnam have made the country a fertile ground for insurtech and an important market for us,” shared Tri Nguyen, Country Manager for Vietnam at Igloo. “With Circle K’s high number of stores in the country, we can make the insurance sales journey for consumers as easy as buying hot food or bottled water in neighborhood stores.”
Following the partnership in Vietnam, Mehta shared that the model is expected to be replicated in other Southeast Asian countries in the near future.
“Circle K is always in search of suitable products to fulfill our customers’ journeys, and insurance products are among our priorities. With a wide range of products that are simple to use and have reasonable prices, addressing the most current needs of Vietnamese people, we found Igloo to be the best insurtech partner to work with. Partnering with Igloo diversifies our lineup of product offerings, contributing greatly to our vision of making Circle K the most preferred convenience store chain in Vietnam”, shared Circle K in a statement.
Igloo has been working with a number of partners across Vietnam to make it most convenient for people in the country to access insurance products. In early 2022, Igloo launched Ignite by Igloo, an AI-powered platform, to enhance agents’ productivity through a smoother and more efficient sales process. The insurtech company also partners with the e-commerce giant Shopee to offer insurance products via the e-commerce platform. Besides, Igloo also offers many other relevant insurance products in Vietnam, such as personal accident and health insurance through AhaMove, failed delivery insurance with Loship, and loan protection insurance with LOTTE Finance.
To date, Igloo has been on a strong growth trajectory, cementing partnerships with over 55 companies across 7 countries and offering over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 15 times since 2019. Since its inception, Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia and is the only insurtech in the region with all major economies contributing to its performance.
Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, Vietnam and Malaysia and tech centres located in India and China. 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. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. Igloo has partnered with over 50 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.
For more information, please visit https://www.iglooinsure.com/.