Regional insurtech Igloo announced its partnership with TrueMoney, Thailand?s leading e-payment and financial service provider. The collaboration will make essential insurance products available via TrueMoney application, enhancing accessibility, affordability and convenience for users. Customers are now able to shop for health-related insurance products including critical illness insurance from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance that fits their lifestyle needs.
Critical Illness insurance from ThaiVivat offers plans from only 70 baht per month and addresses the growing need for accessible health insurance in Southeast Asia, where cancer is identified as one of the leading causes of death. According to the World Health Organization, the disease was responsible for 2.3 million new cases and 1.4 million deaths in 2020.
Moreover, customers can purchase personal accident insurance for both juniors and seniors from Dhipaya with plans starting from 99 baht per month, as well as hospital benefit insurance from Tokio Marine that covers out-of-pocket expenses and provides financial relief during hospital stays from 899 baht per month (to be launched in September 2024) via TrueMoney application.
Expressing enthusiasm about the partnership, Mr. Raunak Mehta, Co-Founder and CEO of Igloo, stated, ?We are excited to partner with TrueMoney to expand access to essential insurance products for millions of users. By integrating these offerings into the TrueMoney app, we are not only making insurance more accessible but also empowering individuals with the financial security they need in today?s uncertain times. This partnership is a testament to our commitment to innovation and inclusivity in the insurance industry.?
Meanwhile, Mr.Tanyapong Thanmavaranukupt, Co-President of Ascend Money Company Limited said, ?This partnership with Igloo opens the opportunity for TrueMoney to offer a variety of insurance products to users on our application. The younger generation is also more keen to purchase insurance online, and this allows TrueMoney users to easily access insurance products. Igloo brings significant expertise in leveraging technology to create tailored insurance solutions, ensuring a seamless and efficient experience for TrueMoney users.?
Committed to championing financial inclusion for the underserved through technology, TrueMoney has provided users in the region with innovative financial services that allow them to send money and pay bills using their phones, among other services. By leveraging TrueMoney's platform, Igloo is able to extend the reach of essential insurance products to the underserved and those residing in remote areas, helping to bridge the protection gap.
Additionally, Igloo's expertise in working with fintech leaders across the region enables it to rapidly develop, launch, and scale tailored insurance solutions. In Vietnam, Igloo has recently forged partnerships with Zalopay to offer popular products such as Phone Screen Protection. It has also worked with GCash in the Philippines and DANA in Indonesia, offering unconventional products tailored to consumers' lifestyles to make insurance easier to understand and purchase.