Igloo (Axinan Pte Ltd)
Region and country of operations: Southeast Asia, LMIC
Jurisdiction of registration: Singapore
Business sector: Insurance
Date of agreement (month/year): 11/2022
Finnfund’s financing: USD 6,000,000
Share of Finnfund’s financing: 22%
Size of project/financing: USD 27,000,000
Environmental and social category: FI-C
Igloo is an InsurTech, established in 2016 as Axinan Pte Ltd, with a mission to provide “Insurance for All” by making insurance accessible through technology. Igloo provides non-life microinsurance products to customers across Southeast Asia, with Indonesia, Vietnam and the Philippines as the key target markets.
Tech platform allows tapping into an underserved market that is difficult for traditional insurance companies to address. Igloo has processed more than 250 million policies to date, with an average policy size of 20 US cents.
Low insurance penetration and high mobile penetration in the region allow the potential for GWP growth.
Main development impact
Microinsurance is designed for low-income people, with premiums and benefits matching their needs. Microinsurance provides a critical safety net for households, preventing them from falling into poverty by avoiding the damaging costs of emergencies. Approximately 1/3 of Igloo’s customers are the base of the pyramid population.
The investment is a climate adaptation project. Igloo is increasing farmers’ resilience through its agri insurances against weather-related calamities. The investment is eligible for 2X Challenge under the consumption criteria. Igloo has products/partnerships that are specifically targeting women.
Last modified: December 2022