Millennials present a challenge to traditional insurers in the form of preferences and priorities that historically haven’t been significant. Flexible plans, automatic claims, and niche insurance products are becoming the primary way in which this generation wants to interact with the insurance industry, and companies like Igloo are ready to deliver.
Singapore-based igloo focuses specifically on gadget insurance, which is something most traditional insurers don’t offer and is a priority for the millennial generation. It offers customizable Phone Screen Protection (PSP) plans for its customers, allowing them to manage their plan, from policy purchase to claims, digitally and seamlessly on the company’s mobile app.
The policies are available as daily, monthly, and yearly plans, with the price depending on the specific make and model of the consumer’s phone. The company is partnered with a number of phone repair service companies in order to provide repair services across Singapore.
Igloo was launched by Axinan, a Singapore-based insurtech firm, marking the first direct-to-consumer offering by the firm to date. The firm is partnered with leading digital insurer FWD Singapore, which is the official insurer backing igloo.
When igloo was launched, Wei Zhu, Founder and CEO of Axinan, said, “Axinan is an insurtech firm with a focus on developing insurance products for millennials and hence has built products catering to their lifestyle centred around gadgets, travel, e-commerce – domains not covered by traditional insurers. With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials in Southeast Asia in mind.”
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