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Igloo adds partners to expand in Vietnam
Insurance alliance targets 20 million customers nationwide
The Asset 25 Apr 2024

Singapore-based insurtech firm Igloo has partnered with several finance solution providers to expand insurance coverage in Vietnam.

The collaboration with ZaloPay, Lotte Finance, FE Credit, and OPES aims not only to offer popular insurance products but also to introduce a new range of products.

Leveraging the partners’ expansive networks, Igloo seeks to expand coverage and reach nearly 20 million individuals nationwide.

Igloo will offer phone screen protection through ZaloPay, Vietnam's second-largest e-wallet provider, which boasts over 14 million regular users and a network of more than 30,000 merchant partners.

With financial service provider Lotte Finance, Igloo will introduce two new products: income protection insurance and car physical damage. Income protection insurance provides essential financial security in case of job loss due to unforeseen circumstances, enabling individuals to meet daily expenses and maintain livelihoods.

Igloo has also partnered with FE Credit and OPES to provide accidental and liquid damage insurance (ADLD) through FE Credit's extensive network of over 21,000 points of sale. This insurance product will be bundled with mobile phone payment installment plans. The ADLD insurance package offers coverage for device repair or replacement due to unexpected damage, including incidents such as fire, breakage, water damage, or flooding.

Igloo has been continuously collaborating with other fintech players across the region to make insurance more accessible and affordable to underserved segments. To date, it has cemented partnerships with over 75 companies across eight countries and over 15 products in its expanding product suite.

The company’s portfolio of distribution partners has expanded to include major players in the fintech, e-commerce, and retail sectors, including Lazada, Shopee, and Tokopedia.

Igloo has also forged partnerships with Realme and Oppo, enabling online insurance sales to offline shoppers, bridging the gap between traditional and digital channels. 

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