- The partnerships with Sendo and Viettel Store support Igloo’s mission to bring affordable and accessible insurance services to the Vietnamese people
- Accidental Damage and Liquid Damage Insurance provide users with comprehensive protection for their electronic and mobile devices
- To date, Igloo has been on a strong growth trajectory and has cemented partnerships with over 70 companies across 11 markets and over 15 products in its expanding product suite
VIETNAM, 8 August 2023 – Regional insurtech Igloo, today announced its partnership with local e-commerce giant Sendo and the country’s leading electronic device retail chain Viettel Store. Accordingly, both Sendo and Viettel Store will offer their online and offline customers Igloo’s Accidental Damage and Liquid Damage Insurance (ADLD), a comprehensive protection plan for electronic and mobile devices. The insurance is underwritten by PVI Insurance and Saigon-Hanoi Insurance Corporation (BSH), leading providers in the country.
Vietnam is an increasingly important market for Igloo with a low insurance penetration rate of about 3%, a digitally savvy and increasingly affluent population, and an increasing number of middle-income class. The Vietnamese government is promoting digitization in all fields, including insurance, which has created a more favorable environment for technology companies like Igloo.
Realizing the great potential of the Vietnamese market, Igloo has been working to strengthen its business model since its launch in the country in 2021, with a key focus on expanding its partnerships to different sectors. To date, Igloo has been on a strong growth trajectory and has cemented partnerships with over 70 brands across 11 markets and over 15 products in its expanding product suite. Some of Igloo’s partners in Vietnam include Mobifone, delivery e-commerce platform Loship, high-tech financial services company LOTTE Finance, e-commerce giant Shopee, the No.1 24/7 convenience store Circle K, as well as leading insurance companies such as PVI, BSH, Bao Viet, GIC, Bao Minh, MSIG and more.
“The partnership with Sendo and Viettel Store further demonstrates our aggressive move to expand our partnerships in different verticals to bring affordable and accessible insurance services to the Vietnamese people,” said Tri Nguyen, Country Manager for Vietnam, Igloo. “With the Accidental Damage & Liquid Damage Insurance, we want to bring shoppers peace of mind by providing them with comprehensive protection for their valuable electronic assets.”
In Vietnam, customers tend to favor buying gadgets from physical stores rather than online due to their concerns about warranty coverage in case of any damage to their purchases. With ADLD Insurance, customers can be assured that they will be protected when shopping for phones and valuable electronic devices on Sendo’s e-commerce platform. The product is currently available on Sendo for an affordable cost from 1.5% to 1.9% of the total device price, for 1 year of protection.
“As the leading e-commerce platform in Vietnam, we always look to provide our customers with the best products, at the best prices. Partnering with Igloo further enhances the lineup of products and fulfills our customers’ experiences. Offering Igloo’s Accidental Damage & Liquid Damage Insurance product is a further step in our commitment to continue to bring products and solutions that best suit the needs of consumers across Vietnam,” shared Sendo’s representative.
The ADLD Insurance program is provided by the country’s leading insurance companies, PVI Insurance and BSH Insurance, ensuring protection and support for potential risks such as fire, broken, wet, or flooded, and other unexpected damages. Unlike traditional insurance, this insurance program allows a 100% paperless claim process online, which is easy and convenient for all parties involved. Besides, instead of paying the bill to repair the damaged electronic devices and claim later, Igloo’s customers can claim right after the damages incurred.
“We want to give our customers comfort and peace of mind when purchasing our products as they are protected against possible risks. The partnership with Igloo to bring ADLD products this time will continue to help us deliver the best, synchronized experiences across nearly 400 Viettel Store stores in 63 provinces and cities, and online channels,” said Viettel Store’s representative.
To date, the insurtech firm has facilitated over 350 million policies across the region and aims to extend protection solutions to more underserved sectors in the region. Igloo’s strong business potential lies in Southeast Asia’s growing digital economy, which is expected to hit US$300 billion in 2025. The increasing digital insurance penetration opens up new opportunities for digital players and insurance companies which are worth over US$10 billion in the region.
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 70 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://iglooinsure.com/.
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