Regional Insurtech Igloo, in Partnership with Shopee and Bao Viet, Introduces Home Content Insurance in Vietnam

11:22:59 AM | 10/17/2022

Regional insurtech Igloo, in partnership with e-commerce giant Shopee, introduced Home Content Insurance in Vietnam, the first comprehensive protection solution for indoor assets, against unexpected events such as natural disasters and fire in the platform. The Home Content Insurance is underwritten by Bao Viet Insurance, a leading insurance company in the country.

Despite less than one percent insurance penetration rate for non-life insurance, Vietnam’s general Insurance Industry is projected to reach US$3.5 billion in 2026 as per data analytics company, Global Data. Property insurance is one of the top product lines fuelling the industry's growth due to the increased frequency of natural disasters.

With more than 3,200 km of coastline, low-lying cities, and river delta areas, Vietnam is one of the most vulnerable countries in the world to unexpected climate conditions. In recent years, the country has seen an increase in extreme weather events such as floods, fire incidents, earthquakes and high tides in many provinces and cities, affecting people's lives and causing huge damage to property.

“With the increasing instances of natural calamities like floods and fires in Vietnam, it becomes more important for Vietnamese consumers to own a Home Insurance solution to cover unfunded liabilities,” shared Tri Nguyen, Country Manager for Vietnam at Igloo. “Our Home Content Insurance aims to address this challenge by providing a solution that helps consumers protect their most valuable assets and increases their financial resilience. Through our partnership with Shopee, we are also making it easily accessible on a widely-used platform and building trust in the product through our incumbent partner, Bao Viet.”

Besides protection of indoor assets against natural calamities, the Insurance product also has rent insurance which covers loss of rent and additional expenses incurred as a result of an insured event. With this added benefit, Igloo enables homeowners and tenants to receive protection that matches and ensures the continuity of day-to-day life in times of calamity.

The product is currently available on Shopee starting at a premium of VND 83,999 (~USD 3.5) for one year and up to  VND 100,000,000 (~USD 4200) sum insured.

“Partnering with Igloo diversifies our lineup of insurance products to help Vietnamese consumers easily purchase protection solutions in times of disaster or accidents involving their homes,” shared Vu Thanh Quynh, Head of Communications, Shopee Vietnam. “Offering Igloo’s Home Content Insurance product is a further step in our commitment to continue to bring products and solutions that best suit the needs of consumers across Vietnam." On the launch of the new product, Shopee offers various attractive promotion campaigns in October. Click here for more information.

Aside from property insurance, the insurtech company also offers other relevant insurance products in Vietnam such as Personal Accident & Health Insurance through AhaMove, Failed Delivery Insurance with Loship, and Loan Protection Insurance with LOTTE Finance.

Igloo also launched Ignite by Igloo, an AI-powered platform, to enhance sellers’ productivity through a smoother and more efficient sales process. Ignite offers an accessible online solution that brings together multiple insurance products on a single platform and supports agents in driving improved customer engagement and managing products to better address customer needs.

To date, the insurtech firm has facilitated over 280 million policies across the region and aims to extend protection solutions to more underserved sectors in the region. Igloo’s strong business potential lies in Southeast Asia’s growing digital economy, which is expected to hit US$300 billion in 2025. The increasing digital insurance penetration opens up new opportunities for digital players and insurance companies which are worth over US$10 billion in the region.

P.H (Vietnam Business Forum)