The current insurance penetration rate to GDP in Vietnam is 2.3-2.8%, lower than the average of 3.35% in ASEAN, 5.37% in Asia and 6.3% in the world. This indicates considerable room for growth and expansion, particularly in the non-life insurance segment, which is seeing strong momentum driven by rising consumer awareness and emerging risk categories.
At the same time, consumer expectations are changing. They are increasingly looking for insurance solutions that are flexible, easy to use, and closely connected to real life. This shift requires insurers to rethink not only their products, but also how they operate.
In this context, Igloo, the leading regional insurtech, is gradually redefining insurance to be simpler, more efficient, and better suited to digital lifestyles. The company’s approach is built on three pillars: people-first development, focused market expansion, and technology-driven operations.
A Leading Regional Insurtech
Headquartered in Singapore, Igloo is a full-stack insurtech firm founded with the mission of making insurance more accessible for all. The company operates across Vietnam, Indonesia, Thailand, the Philippines, Malaysia, and Singapore, with technology centres in China and India.
By leveraging big data, real-time risk assessment, and end-to-end automated claims management, Igloo delivers B2B2C insurance solutions for insurers and digital platforms. These solutions help partners manage operational risk, unlock new revenue streams, and enhance existing products and services. Igloo’s technology stack is capable of handling over 80 million monthly transactions, supported by multiple AI-driven features designed for speed and scalability.
Igloo offers a comprehensive range of products and solutions to help insurers, digital platforms, and retailers scale insurance distribution - from lifestyle protection such as travel, electronics, and motor insurance, to innovative embedded insurance models that integrate seamlessly into consumers’ daily lives.
Last year, Igloo also launched Igloo Tech Solutions, which allows insurers and brands to swiftly create and configure products, scale distribution, manage operations, and monitor performance. These solutions have been adopted by regional leaders including MSIG Vietnam, Kredivo in Indonesia, and TrueMoney in Thailand.
In Vietnam, Igloo has also launched Ignite by Igloo, an AI-powered platform designed to boost partner productivity and speed up the insurance sales cycle through a simpler and more efficient workflow. Featuring multiples products from leading insurers, Ignite has become a core tool for agents and intermediaries in Vietnam. Additionally, Igloo’s signature product - the award-winnng Weather Index Insurance (WII) provides Vietnamese farmers with smart, automated protection against extreme weather, ensuring timely compensation through data-driven triggers.
Partnerships at the Heart of Growth
Partnerships are central to Igloo’s growth strategy. To date, Igloo has partnered with more than 100 well-known brands across sectors including insurance, telecommunications, e-commerce, hospitality, health tech, and financial services.
In Vietnam, Igloo has built a strong partner network to expand access to insurance, working with major brands such as Mobifone, Loship and Circle K, alongside leading insurers including DBV, Bao Minh, Bao Viet, GIC, MIC. These partnerships reflect a shared commitment to making insurance more accessible, affordable, and seamlessly embedded into everyday digital touchpoints.
By continuously expanding its partner ecosystem, Igloo aims to bring insurance closer to consumers, meeting them where they are, lowering barriers to entry, and addressing protection gaps across emerging sectors of the digital economy.
People at the Core of Sustainable Growth
Igloo sees people as the foundation of long-term growth. The company focuses on building a lean team with strong expertise in technology and insurance, a deep understanding of local markets, and the ability to scale alongside its product strategy. Talent development goes hand in hand with product innovation, helping Igloo stay flexible in a fast-changing market.
At the same time, Igloo fosters a high-performance culture that puts people first. Employees are empowered, encouraged to share ideas, and recognized for their contributions. Flexible HR policies, with attention to employee well-being, mental health, and long-term career development, help create a positive and sustainable workplace. This has positioned Igloo as an attractive employer in the highly competitive insurtech sector.
Looking Ahead: The Future of Insurtech
By combining strong talent, streamlined operations, effective technology, and a broad partner ecosystem, Igloo aims to build a sustainable insurance model for Southeast Asia. The company focuses on creating products based on real user needs, reflecting everyday lifestyles, behaviors, and risks across the region.
Beyond business growth, Igloo is committed to becoming a long-term partner to both consumers and partners. Its goal is to increase insurance penetration and make insurance more accessible, especially for communities that remain under-protected. Through simple, affordable, and easy-to-use solutions, Igloo is working toward a safer and more inclusive financial future for Southeast Asia.
