Yesterday, I got to speak to Wei Zhu, CEO and founder of Singapore-based insurtech firm Axinan, who also officially announced their market entry into the Philippines, starting with the strategic partnership with local non-life insurer Mercantile Insurance Co, who will underwrite the plans.
Launched under Axinan’s consumer brand igloo, the insurance solution will initially cover mobile phone protection, with future plans to explore other variants of insurance. The brand is one of the first ones in Southeast Asia to enter the space of digital insurance solutions. Already present in Australia, Thailand, China, and Indonesia, the brand hopes to expand and dominate the rapidly growing fintech industry in Southeast Asia.
Axinan will offer its proprietary tech capabilities while Mercantile’s niche in non-life insurance gives both parties a competitive edge through this collaboration.
DIY Insurance, anyone?
The first thing that pops into mind when one mentions insurance tends to be endless paperwork and wasted time. However, Axinan hopes to change that. With its main target market being digital savvy millennials, the brand reinvents and streamlines how insurance is normally done—more specifically, completely online, through an app.
The first product rolled out under igloo is Mobile 360, with this plan, consumers can enjoy comprehensive mobile phone protection for its screen, camera, battery, accidental, and liquid damage protection for a wide range of mobile brands. Plans start below the P1,000 range yearly.
Everything can be done in a couple of minutes on your phone. Yes, you don’t even have to change out of your pajamas if you don’t want to. The app guides you through the application process and to register your phone, all you have to do is take a #mirrorselfie of your phone. Once your application is approved, you will receive a QR code and then wait 24 hours for phone activation. And that’s it!
If you do manage to wreck your phone and need that insurance, then filing for claims can also be done through a few taps through the app. Then you’ll need to drop by their partner authorized repair centers for evaluation.
A New Era of Insurance
While the insurance industry in the Philippines still mainly operates traditionally, firms like Mercantile and Axinan are stepping up to slowly change that.
“The Philippines insurance industry has shown positive growth in recent years as the country’s economy grows. The overall net income of the non-life insurance sector grew by 9.76% from 2016 to 2017. While the segment is smaller than the life segment, there are considerable growth opportunities due to the low levels of penetration and the potential for fintech to boost growth. With our partnership with Mercantile who understands the local non-life insurance segment deeply, we believe that there will be more of such solutions from igloo by Axinan and this is just a start to our goal in providing a variety of digital solutions in the insurance space,” said Wei
“With the rising popularity of digital solutions in the region, we are excited to collaborate with Axinan to leverage on their niche in digital insurance solutions, ensuring that we are able to give the best solutions to our consumers. This is in line with our mission of providing the best service that is responsive to the needs of the public. Through this strategic partnership with Axinan, we will be able to offer a wider variety of solutions in the non-life insurance space.” added Frank Ramos, Executive Vice President of Mercantile.
igloo‘s insurance services is currently available in Metro Manila and will be available nationwide in the near future. Payment is currently via credit and debit card only, but the company plans to accommodate other modes of payment soon. igloo supports both android and iOS devices. You may download the app through the Google Play Store or itunes.
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