Axinan, a Singapore-based insurtech firm today announced the launch of igloo, catering on-demand digital insurance solutions to the everyday lifestyle needs of today’s millennials.
As one of its first offerings, igloo will be introducing customisable Phone Screen Protection (PSP) plans where consumers will be able to buy policies and make claims digitally and seamlessly on the igloo mobile app. Specifically for the PSP plans, Axinan has partnered with leading digital insurer FWD Singapore as the official insurance partner.
Founded in 2016, Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to developing solutions for enterprises. This involves partnering with e-commerce platforms to offer free return shipping policy by incorporating a real-time risk engine that determines the likelihood of returns based on user demographics and shopping behaviour online. The launch of igloo marks Axinan’s first direct-to-consumer offering – catering to the wide-ranging demands of the everyday consumer.
With PSP, customers will be able to get their phone screens replaced upon physical damage to the screens. Axinan has partnered with several phone repair service companies to provide repair services islandwide. Consumers will be able to get their PSP plan on-demand and through subscription (ranging from daily, monthly and yearly) – prices are determined by the model of their devices.
Announcing the launch of igloo, Wei Zhu, Founder and CEO, Axinan said, “Axinan is an insurtech firm with a focus on developing insurance products for millennials and hence has built products catering to their lifestyle centred around gadgets, travel, e-commerce – domains not covered by traditional insurers. With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials in Southeast Asia in mind.”
Elaborating on this partnership with FWD Singapore, Wei Zhu added, “We are extremely excited to have FWD Singapore as our insurance partner. This streamlines a concerted passion for both parties in providing affordable lifestyle insurance to the ever-changing consumer market using technology as a key enabler.
Abhishek Bhatia, CEO, FWD Singapore, added, “As a brand that has continuously leveraged on technology to create real value and convenience in the insurance industry, FWD is delighted to work with Axinan on the Phone Screen Protection plans. We believe digital innovation will play a key role in fulfilling consumer demands today, and this partnership is a demonstration of how by focusing on what customers need, companies can provide real value-added digital services.
“FWD is happy to collaborate with like-minded partners like Axinan to contribute to a vibrant marketplace, which can only be beneficial for the entire digital insurance ecosystem,” he concluded.
According to a global study released by SquareTrade in November 2018, more than 50 million smartphones screens are broken every year. Smartphone owners accidentally broke more than 50 million phone screens last year (that's nearly two every second), and replacing those screens cost them US$3.4 billion. The study found that 66% of smartphone owners damaged their phones in the past year, with cracked screens leading the way as the most common type of damage (29%). Scratched screens (27%) and non-working batteries (22%) took second and third place respectively, with touchscreen issues and chipped corners/sides tied at 16% each.
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