Singapore's Insurtech Igloo partners with Pine Labs to expand Malaysia market

16 tháng 12

Singapore-based insurtech firm Igloo announced Thursday a new partnership with digital payments service provider, Pine Labs , marking the extension of its regional footprint in Malaysia.

Singapore's Insurtech Igloo partners with Pine Labs to expand Malaysia market

Igloo said in a statement through the partnership, Pine Labs will offer shoppers hassle-free and easy mobile phone protection solutions under the IglooCare Program.


According to the statement, Pine Labs is currently used by over 246,000 merchants in 3700 cities and towns across India and Malaysia.


Mobile Phone 360 and Phone Screen Protection are currently available on Pine Labs’ platform. The protection covers both repair and replacement of the gadget by up to 100 percent of the gadget retail price, offered through Igloo’s dedicated nationwide IglooCare repair and service network in Malaysia.


Meanwhile, as part of Igloo’s plan to extend its presence in Malaysia, Igloo appointed Amitabh Singh, as it's Country Manager in Malaysia.


Amitabh, who has nearly two decades of experience in financial services, will be responsible for Igloo’s overall country operations across business development, partnerships, marketing, and operations.


In addition, Igloo is expanding its team in Malaysia and making key hires across business development, operations, customer service, and sales management.


According to Amitabh, the partnership marks a significant milestone in Igloo’s expansion in Malaysia.


“We are happy to partner with Pine Labs to offer our best-in-class IglooCare phone protection solutions,” he said.


He said that Igloo aims to work with more local partners to provide protection platform solutions that are easy to purchase, affordable, and directly impact consumers’ daily lives.


“These lifestyle-focused solutions allow consumers to experience minimal disruption and financial loss to their daily lives – across multiple categories including electronics and durables, health benefits products, lifestyle coverage, and small and medium enterprise (SME) solutions – all of which are enabled through our technology platform,” he said.


Meanwhile, Pine Labs Asia Pacific Payment Business Head Chayan Hazra said the company has been at the forefront of technology in the payments solutions space across India and Southeast Asia.


“In Malaysia, we are expanding our footprint rapidly by entering into strategic alliances with leading banks and retail brands. We are very happy to be partnering with technology platforms like Igloo to enable us to expand protection offerings to our merchants.


“At Pine Labs, we are always striving to get the best products and services for our merchant partners and we find Igloo provides us the best platform in terms of options and roll out flexibility,” he added.


Igloo, previously known as “Axinan”, is the first full-stack insurance firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, and Vietnam, and tech centers are located in 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 Business to Business to Consumer (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 optimize and enhance existing products and services.


In April 2020, Igloo successfully closed its Series A+ funding round worth $8.2 million, bringing its total funding to $16 million from global investors.


Igloo is led by a core team that comprises top talent from the technology and insurance industries hailing from global corporations including Facebook, Grab, Flipkart, Garena, Manulife, Shopee, Yahoo! and Zalora.


This year, Igloo has established over 30 key partnerships in diverse industries to make protection products more accessible across the region.


In July, the insurance company partnered with regional leading food delivery platform foodpanda Singapore to launch protection solutions for gig economy workers.


In September, Igloo successfully launched partnerships with leading e-Wallet platforms in the Philippines GCash and DANA in Indonesia to provide online shopping protection and phone screen protection respectively.


Last month, Igloo partnered its first Digital Health brand, HD, to provide health-related micro-insurance products via the HD mall healthcare marketplace platform in Thailand.


Meanwhile, Pine Labs is a merchant commerce platform that serves prominent large, mid-sized, and small merchants across India and Southeast Asia.


The company’s unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world.


In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and is also available in India.


Incorporated in Singapore, Pine Labs’s key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard.


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