- The partnership to offer Weather Index Insurance to MobiFone network customers supports Igloo’s mission to bring affordable and accessible insurance services to Vietnam
- Igloo provides an enhanced Weather Index Insurance package, encompassing all plants and crops, benefiting farmers across Vietnam
- In 2023, Igloo extended the Weather Index to over 50,000 hectares of crops and serviced claims for over 1,500 farmers in Vietnam
Hanoi, 16 January, 2024 – Regional insurtech Igloo, today announced its strategic partnership with Vietnam’s leading digital service provider, Aurora Mobility Solutions (AMS), and the largest telecommunications, information technology and digital content enterprises in Vietnam, MobiFone, to extend its Weather Index Insurance to the wider-reaching network of farmers in Vietnam. Deployed across 18 provinces and cities, encompassing over 2,000 automatic rain stations and 650 hydrometeorological stations, the product is expected to further increase the number of Vietnamese farmers protected against unusual weather events.
In recent years, Vietnam has experienced a surge in extreme weather events, including unseasonal rains and prolonged droughts, which poses an increasingly severe threat to agriculture. Agricultural losses due to climate change in Vietnam are projected to increase by around 6 percent by 2030 and between 7 and 10 percent by 2050, depending on different climate scenarios. Crop losses not only push farmers into financial distress but also threaten food security in the region. Thus, the need to protect farmers from extreme weather events, particularly rain and floods, is becoming more urgent.
With its focus on tech for new products and solutions, Igloo leverages big data, real-time risk assessment and end-to-end automated claims management to partner with insurance companies to create the blockchain-based Weather Index Insurance that automates claims through the use of smart contracts. Following the product’s launch in Vietnam last November, Igloo has significantly enhanced its Rainfall Weather Index Insurance product, aiming to fortify its distinctive features and provide farmers with heightened protection. Shifting from a seasonal and crop-specific product, it has evolved into a monthly, all-encompassing plan that covers all plants and crops, ensuring comprehensive protection for all farmers.
Raunak Mehta, Co-Founder and CEO, Igloo shared that: “The partnership with AMS to offer Rainfall Weather Index Insurance products for MobiFone subscribers represents a pivotal milestone in our strategic expansion of Weather Index Insurance in Vietnam. Leveraging MobiFone’s extensive database and expansive network, coupled with AMS’s proficiency in providing digital content services and Igloo’s expertise in insurtech, this partnership We aim to ensure increased protection for Vietnamese farmers against unpredictable weather conditions. This also underscores Igloo’s adaptability to market demands and customer needs, successfully navigating complex collaborations with multiple partners and international reinsurers to swiftly introduce this innovative and unprecedented product.”
Under the partnership by AMS, MobiFone and Igloo, Weather Index Insurance will now be integrated with the rights to utilize MobiFone’s agricultural application, MobiAgri, which leverages advanced technologies such as Big Data, AI, blockchain, AR, and VR to deliver holistic solutions for agricultural development and the transition towards digital and technological farming. By integrating the content package featuring Igloo’s Rainfall Weather Index Insurance and benefits into the MobiAgri application, the product has evolved into a comprehensive platform for farmers. This platform aims to assist farmers across the nation in enhancing crop productivity, mitigating risks, and fostering sustainable agriculture practices.
MobiFone subscribers can enjoy product packages with various incentives, including access to the Content store on the MobiAgri application and data storage, coupled with the Rainfall Weather Index Insurance product—all for a daily fee of only 5,000 VND. Subscribers are eligible for a maximum compensation of up to 6,000,000 VND in the event of an insurance claim. MobiFone will promptly notify subscribers of any insurance events via SMS. Additionally, subscribers can conveniently submit the required documents to facilitate the compensation process through the service’s information reception portal.
MobiFone’s representative said: “Our commitment is to remain consistently innovative, supporting Vietnamese individuals in shaping a digital future. We are glad to partner with the region’s leading insurtech Igloo, and the country’s leading content service providers to introduce innovative solutions to Vietnamese farmers. These innovative applications will contribute to creating a revolution in agricultural digital transformation, empower farmers in the 4.0 era.”
In 2023, Igloo extended the Weather Index Insurance to protect over 50,000 hectares of crops and serviced 1,500 claims from farmers. The success of the product was also recognised at the Asia Fintech Awards 2023, where the Weather Index Insurance won Insurtech of the Year. This year, Igloo is looking to reach more farmers with the product by collaborating with more partners, extending it to cover other types of crops against more indices, and offering it to more countries.
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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 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. 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://www.iglooinsure.com/.
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