Insurtech Igloo has announced a partnership with global convenience store chain Circle K to distribute general non-life insurance products in over 400 of the latter’s stores. The partnership, according to Igloo, marks the first time that general insurance products will be made available for purchase in convenience stores in Asia.
For its initial phase, the collaboration launched the Motor 24/7 insurance product in stories in major cities such as Ho Chi Minh and Hanoi. As the country that ranked second in motorcycle sales in the ASEAN region last year, this policy is aimed at Vietnamese who need coverage from road accidents ranging from the trivial to serious. It also has coverage for theft, loss, and total car damage, plus accident insurance for up to two people as well as a civil liability insurance.
Other products in the pipeline include pet insurance and personal accident insurance, both of which will be introduced in succession. Pricing for these products start at US$1.28 for a one-month plan and US$12 for a 12-month plan. Purchases are made via a QR code scan to access a portal where customers can choose their products and coverage plans. Payments can then be made at the shop’s counters, and within minutes an online certificate of insurance will be delivered.
Igloo co-founder and CEO Raunak Mehta said that the insurance model is expected to launch to other Southeast Asian countries in the near future.
"Partnering with a convenience store chain – bringing offline consumers online – is par for the course in our mission of making insurance accessible in the region. Modern retail forms like convenience stores are driving the revenue growth of Southeast Asia's expanding supermarket scene at a rate of seven to 10 percent, promising a vibrant distribution channel for insurance goods to improve reach and awareness for new general insurance products that meet today’s lifestyle,” Mehta said.
Recently, the insurtech also expanded its weather index insurance to help protect the country’s coffee farmers following a successful run with Vietnam rice farmers.
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