MANILA -Insurance technology player Igloo has raised $36 million to expand its portfolio in the Philippines, including a product designed for farmers, as it seeks to increase insurance penetration in the country.
The investment round was led by global investment group Eurazeo, with participation from existing investors, venture capitalists Openspace and La Maison.
“The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy,” Igloo co-founder and CEO Raunak Mehta said in a statement on Wednesday.
Igloo is eyeing to launch Weather Index Insurance (WII) product, which is a blockchain-based insurance for farmers.
WII is an insurance product whose payout is based on weather index like rainfall. This means farmers can get a payout for excessive or little rainfall that can affect crop yield.
The initiative is seen to bode well for the sector as only one-third of the estimated 10.9 million Filipino farm owners has crop insurance, based on data from the Philippine Crop Insurance Corp.
Meanwhile, Igloo also has partnership with e-commerce last forms Shopee and Lazada for gadget production policy.
It also launched insurance products for micro, small and medium enterprises and travel insurance for both local and international trips, among others.
“At Igloo, our goal is to introduce innovative products in collaboration with our partners, aiming to not only safeguard consumers from unforeseen situations but also contribute to the Philippine government’s efforts in raising awareness and expanding insurance penetration in the country,” Igloo country manager Mario Berta said.