Singapore-based insurtech firm Igloo has partnered with Thailand’s JMT Network Services to create a new joint venture (JV) focused on building a digital insurance business. The two companies aim to design and deliver technology-driven insurance solutions for Thai consumers and businesses, with plans to explore similar ventures in the Philippines and Indonesia.
JMT Network Services is a subsidiary of Jaymart Group, a large Thai conglomerate with businesses in retail, debt management, and property. Igloo operates in Thailand through Axinan Thailand Co. Ltd., the local arm of its parent company, Axinan Group.
The joint venture will combine Jaymart Group’s broad retail network with Igloo’s insurance technology to offer embedded insurance across various sectors, including mobile devices, lifestyle products, and financing services.
“At Jaymart Group, our goal is to deliver exceptional customer experiences powered by technology,” said Ekachai Sukumvitaya, deputy CEO of Jaymart Group Holdings. “The landmark joint venture with Igloo unites best-in-class insurance tech and deep knowledge of Thai consumers. It will unlock new opportunities to integrate protection into our business lines, from device financing to lifestyle retail.”
Accelerating digitalization
Igloo’s insurance solutions have been deployed across Southeast Asia through partnerships with major brands in e-commerce, fintech, and logistics. The company has enabled over 650 million insurance policies through more than 75 partners.
“This joint venture is a game-changer on many fronts,” said Raunak Mehta, CEO and co-founder of Igloo. “Through our leading insurance technology and product expertise, we will be a transformative force for the Jaymart Group of businesses, accelerating their push towards digitalization.”
In the Philippines, Igloo has teamed up with platforms such as Shopee, Lazada, GCash, and Growsari to offer microinsurance through online and offline channels. It has also developed unique products such as Gamer’s Insurance and Safe Dining Insurance.
The company sees potential in the Philippine market, where insurance penetration remains low. Digital solutions are expected to play a major role in helping more people access affordable and simple insurance services.
“It will be, in essence, a blueprint for similar conglomerates running vast and varied businesses who want to bring forth a digital leap into providing insurance protection to today’s digital-savvy consumers,” Mehta said.