Following a successful $27-M Series B+ funding, regional insurtech Igloo is gearing up to further accelerate financial inclusion in Southeast Asia. Seeing tremendous growth in the Philippines, Igloo will be allocating a portion of the funding to deploy more insurance solutions and increase coverage across the country.
The first investment in Southeast Asia, the recent funding round was led by a group of global institutional investors, highlighting their shared mission of protecting the communities they serve.
The investors have expressed interest in Igloo’s initiatives in the Philippines which include providing credit line insurance to entrepreneurs, half of which are women, through its partnership with Philinsure.
The firm also pioneered Foodpanda’s PandaCare initiative, a comprehensive insurance package for platform workers that includes accidental death, accidental dismemberment, medical reimbursement, hospital assistance, and burial expense.
“With an insurance penetration rate of less than 2 percent, we entered the Philippines by listening to the unmet needs of Filipinos to ensure we are filling the gaps that other players have yet to address,” said Mario Berta, Philippine Country Manager for Igloo “With the success of the B+ funding, this ensures that we can strengthen our current tech capabilities and allow us to introduce new solutions that would reach more underserved sectors in the Philippines.”
