The archive · Money & Fintech · Strategic decision · 2016–2026
Igloo bets SEA insurers outsource embedded insurance; 1.6B policies, $100M raised
Singapore insurtech Igloo sells embedded, white-label insurance across six SEA markets; 1.6B policies facilitated, 100M+ processed monthly, US$100M+ raised.
Igloo
What the business is
Igloo is a Singapore-headquartered full-stack insurtech: it designs, prices and distributes micro-insurance (device, travel, e-commerce, weather-index, health) through partner platforms, and sells digital tools to insurers.
Starting capital：US$100M+ total: US$8.2M Series A (2020), Series B extended to US$46M (Nov 2022), US$36M Pre-Series C led by Eurazeo with BNP Paribas Cardif backing (Dec 2023), plus follow-on funding.
How it started
Igloo began in 2016 as Axinan, founded by former Grab CTO Wei Zhu with Raunak Mehta after studying how slow and clunky insurance development was. It pivoted to a B2B2C insurtech that lets platforms and insurers launch products in days, raised an US$8.2M Series A in 2020, and grew by embedding insurance into telcos, e-commerce and banks across Southeast Asia.
What happened
By late 2023 Igloo had facilitated 500M+ policies, built 75+ partnerships across six markets, and launched Ignite, a sales-intermediary productivity platform with 22,000+ agent partners in Vietnam and Indonesia. Eurazeo led a US$36M Pre-Series C in December 2023 at a 50% higher valuation, taking total funding to US$100M, and the company added intermediary licenses across SEA plus a blockchain-based weather-index product covering 20,000 hectares of farms.
How it ended up
Still scaling and consolidating: by June 2026 Igloo had facilitated 1.6B policies and processed 100M+ monthly across six markets, acquired Eazy Digital (its second major Thailand transaction in 12 months after a 2025 joint venture with JMT Network Services to build a digital insurer), and was adding AI-driven automation.
Background
Igloo is a Singapore full-stack insurtech founded in 2016 as Axinan by former Grab CTO Wei Zhu and Raunak Mehta. Instead of selling insurance directly, it builds and distributes low-premium, high-frequency products — device protection, travel, parcel, weather-index and health cover — through the channels of e-commerce, telecom and bank partners across six Southeast Asian markets.
The bet was that underpenetrated Southeast Asian insurers and platforms would outsource digital insurance to a specialist rather than build it: legacy systems take three to six months to launch a product, while Igloo's platform compresses that to days. Its Series B extended to US$46M in November 2022, and Eurazeo led a US$36M Pre-Series C in December 2023 at a 50% higher valuation, bringing total funding to US$100M.
Volume compounded: more than 500M policies facilitated by December 2023, rising to 1.6B cumulative policies and 100M+ policies processed monthly by June 2026, with 100+ partners across six markets. That June, Igloo acquired Eazy Digital — its second major Thailand transaction in 12 months, after a 2025 joint venture with JMT Network Services to build a digital insurer — and continues adding AI-driven automation and upmarket products such as motor, health and climate insurance.
What has to be true
- Igloo made an explicit, testable bet: distribution and technology, not a consumer brand, would win Southeast Asia's insurance market.
- The numbers are specific and dated: 500M+ policies (Dec 2023), 1.6B policies and 100M+ processed monthly (June 2026), and 75 to 100+ partners.
- Investor validation is documented: Eurazeo led the US$36M Pre-Series C at a 50% valuation increase; total funding passed US$100M.
- It shows a real wedge: micro-insurance embedded at checkout with OPPO/realme, telecoms and e-commerce, then expansion into motor, health and climate products.
What can be applied
A B2B2C platform can monetize distribution where direct-to-consumer insurance cannot: Igloo grew from 500M to 1.6B policies by selling embedded products through partners who own the customers.
Aftermath
As of 2026-09-02 Igloo is scaling: 1.6B cumulative policies, 100M+ policies processed monthly, 100+ partners across six SEA markets, and US$100M+ raised. It is consolidating in Thailand — acquiring Eazy Digital in June 2026 after a 2025 JV with JMT Network Services — and adding AI automation and upmarket products such as motor, health and climate insurance. Raunak Mehta says Igloo is the only SEA insurtech with a robust P&L; profitability was targeted from 2024. The open question is whether embedded-insurance volume converts into durable margin.
Sources
- Eurazeo invests into Igloo, Singapore's regional insurtech player
- Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase
- Singapore's Igloo acquires insurtech firm Eazy Digital
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