Insurtech firm Igloo has teamed up with TrueMoney, Thailand’s e-payment and financial services provider, to offer insurance products directly through the latter’s application.
Through the TrueMoney app, customers can now purchase a range of insurance products, including critical illness coverage from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance.
These offerings cater to various lifestyle needs and aim to provide financial protection at affordable rates.
For example, critical illness insurance starts at 40 baht per month, addressing the growing demand for accessible health coverage in Southeast Asia.
Additionally, Dhipaya’s personal accident insurance plans and Tokio Marine’s hospital benefit insurance, covering out-of-pocket expenses during hospital stays (available from September 2024), are both priced at 99 baht per month.
TrueMoney, known for its focus on financial inclusion, provides users with services like mobile money transfers and bill payments.
This partnership with Igloo extends the availability of essential insurance products to underserved populations, particularly those in remote areas.
Igloo’s experience in collaborating with fintech companies across the region, such as Zalopay in Vietnam and GCash in the Philippines, has enabled the rapid development and scaling of tailored insurance solutions.
Raunak Mehta, Co-Founder and CEO of Igloo, said,
“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.”
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.”
Featured image credit: Edited from Freepik
