Singapore-based insurtech Igloo and Thailand conglomerate Jaymart Group’s subsidiary JMT Network Services PCL have established a joint venture to offer insurtech solutions for Thailand.

Igloo said in a statement on Wednesday that the joint venture will leverage Jaymart Group’s vast retail reach and Igloo’s market-leading insurance technology and capabilities to build Thailand’s first true digital insurer.

In this, it will design and deliver digitally-differentiated insurance products and cutting-edge/industry-leading insurtech solutions tailored to businesses and consumers in Thailand.

Jaymart Group currently serves over 10 million Thai consumers through a diverse portfolio of successful businesses, including mobile phone and electronics distribution, distressed debt management, food and beverage (F&B), property management, and insurance services.

The joint venture plays a strategic role in accelerating Jaymart’s broader digital evolution.

As the group continues to integrate technology across its businesses, the addition of embedded insurance enhances its value proposition, offering customers not just products and services, but protection tailored to their lifestyles.

“At Jaymart Group, our goal is to deliver exceptional customer experiences powered by technology,” said Ekachai Sukumvitaya, Deputy Chief Executive Officer, Jaymart Group
Holdings.

“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,” he added.

Meanwhile, Igloo brings to the joint venture its insurance technology developed and honed over the years across its embedded insurance, direct-to-consumer, sales intermediaries and brokerage business lines across Southeast Asia.

To date, Igloo has, through its proprietary insurance technology, facilitated over 650 million insurance policies through more than 75 partnerships.

Across the region, Igloo has worked with household brands from e-commerce, fintech, banking, logistics and retail sectors: Shopee, Lazada,Tokopedia, Dana, GCash, Circle K,
Mobifone, count amongst brands that Igloo has partnered with to embed microinsurance products on online and offline channels.

It has also co-created innovative insurance products like Gamer’s Insurance, Safe Dining insurance, and Weather Index Insurance.

“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 digitalization,” said Raunak Mehta, Chief Executive Officer and Co-founder of Igloo.

According to him, a focus will be implementing artificial intelligence (AI) in automation, efficiency and risk-management.

“It will be, in essence, a blueprint for similar conglomerates running vast and varied businesses who want to bring forth a digital leap into providing insurance protection to today’s digital-savvy consumers,” he added.

Cited the data from OIC and BlueWeave, the statement highlighted that digital insurance growth in Thailand has increasingly outpaced general insurance growth by 2 times to 3 times over the last five years – reflecting the shift in consumers’ habits toward purchasing insurance online.

Growth in digital has been fueled by both traditional insurers moving into digital and insurtechs such as Igloo disrupting the space.

Thus, together, Igloo and JMT Network Services are laying the foundation for a digital-first insurance future, one that is agile, scalable, and designed for the next generation of Thai consumers.

The joint venture not only supports Thailand’s growing demand for accessible protection but also strengthens the broader push toward digital inclusion in financial services, said the statement.

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