Insurtech Igloo partners with Sendo and Viettel Store

Regional insurtech (insurance technology) player Igloo has announced partnerships with local e-commerce giant Sendo and the country’s electronic retail chain Viettel Store.

Both Sendo and Viettel Store will offer Igloo’s Accidental Damage and Liquid Damage Insurance (ADLD), a comprehensive protection plan for electronic and mobile devices, to online and in-store customers. The insurance policy is underwritten by PVI Insurance and the Saigon-Hanoi Insurance Corporation (BSH), which are leading providers in Vietnam.

Vietnam is an increasingly important market for Igloo, given its low insurance penetration of about 3 per cent, a digitally-savvy and increasingly affluent population, and a rising middle-class. The Vietnamese Government is promoting digitization in all fields, including insurance, which has created a more favorable environment for tech companies like Igloo.

Recognizing the substantial potential in the Vietnamese market, Igloo has been working to strengthen its business model since its launch in the country in 2021, with a key focus on expanding its partnerships to different sectors. It has been on a strong growth trajectory and has cemented partnerships with over 55 companies in seven countries and territories and over 15 products in its expanding product suite.

Partners in Vietnam include MobiFone, e-commerce delivery platform Loship, high-tech financial services company LOTTE Finance, e-commerce giant Shopee, convenience store chain Circle K, and insurance companies such as PVI, BSH, Bao Viet, GIC, Bao Minh, and MSIG.

“The partnership with Sendo and Viettel Store further demonstrates our aggressive move to expand our partnerships in different verticals to bring affordable and accessible insurance services to the Vietnamese people,” said Mr. Tri Nguyen, Country Manager for Vietnam at Igloo. “With Accidental Damage & Liquid Damage Insurance, we want to give shoppers peace of mind by providing them with comprehensive protection for their valuable electronic assets.”

Customers in Vietnam tend to favor buying gadgets from physical stores rather than online due to concerns about warranty coverage in case of damage to their purchases. With ADLD Insurance, customers can be assured they will be protected when shopping for phones and valuable electronic devices on Sendo’s e-commerce platform. The product is currently available on Sendo for an affordable cost of 1.5 - 1.9 per cent of the total device price, for one year of protection.

“As the leading e-commerce platform in Vietnam, we always look to provide our customers with the best products, at the best prices,” said a Sendo representative. “Partnering with Igloo further enhances the lineup of products and fulfills our customer experience. Offering Igloo’s Accidental Damage & Liquid Damage Insurance product is a further step in our commitment to continue bringing products and solutions that best suit the needs of consumers around Vietnam.”

The ADLD policy is provided by the country’s leading insurance companies, PVI Insurance and BSH, ensuring protection and support for potential risks such as fire, breaks, water damage, or other unexpected damage. Unlike traditional insurance, the policy has a 100 per cent paperless claims process online, which is easy and convenient for all parties involved. And instead of paying the bill to repair the damaged electronic device and make a claim later, Igloo customers can claim as soon as the damage has been incurred.

“We want to give our customers comfort and peace of mind when purchasing our products, as they are protected against possible risks,” a representative from Viettel Store said. “The partnership with Igloo to bring ADLD products will continue to help us deliver the best, most synchronized experiences in nearly 400 Viettel Store stores in Vietnam’s 63 cities and provinces and online channels.”

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