JMT Network Services, a subsidiary of Jaymart Group, and Axinan Thailand, part of Axinan Group, have set up a joint venture (JV) in Thailand.
This move marks the creation of Thailand’s “first true digital insurer”, Igloo said in a statement.
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The JV combines the ten-million-consumer reach of Jaymart with the technological expertise of Igloo, Axinan’s regional insurtech brand.
Jaymart’s operations span mobile phone and electronics distribution, debt management, food and beverage, property management and insurance services.
Jaymart deputy CEO Ekachai Sukumvitaya said: “At Jaymart Group, our goal is to deliver exceptional customer experiences powered by technology. The landmark joint venture with Igloo unites best-in-class insurance tech and deep knowledge of Thai consumers. It will unlock new opportunities to integrate protection into our business lines, from device financing to lifestyle retail, while spearheading a new future of Thailand’s insurance sector.”
Igloo CEO and co-founder Raunak Mehta stated: “This joint venture is a game-changer on many fronts. Through our leading insurance technology and product expertise, we will be a transformative force for the Jaymart Group of businesses, accelerating their push towards digitalisation. A focus will be implementing AI in automation, efficiency and risk-management.”
Igloo developed embedded insurance, direct-to-consumer sales, intermediaries and brokerage business lines across South East Asia.
The brand’s technology has facilitated the issuance of more than 650 million insurance policies through its partnerships.
In April 2024, Igloo expanded its footprint in Vietnam through partnerships with digital wallet service Zalopay, consumer finance companies Lotte Finance and FE Credit, and digital insurer OPES.
