Igloo, Zalopay, Lotte Finance, OPES & FE Credit expand insurance offering in Vietnam

By Gloria Mathias

Regional InsurTech Igloo has announced partnerships with finance solutions Zalopay, Lotte Finance, FE Credit and the digital insurer OPES, aiming to expand insurance coverage to broader underinsured communities in Vietnam.

These partnerships offer popular insurance products and introduce a new range of products tailored to safeguard the distinctive needs of modern, tech-savvy Vietnamese individuals.

Igloo’s collaboration with Zalopay offers Phone Screen Protection through Vietnam’s e-wallet network, boasting over 14 million regular users and a network of more than 30,000 merchant partners.

With current partner Lotte Finance, Igloo and the high-tech financial service provider bring 2 completely new products: Income Protection Insurance and Car Physical Damage. In the wake of the economic downturn, businesses globally, including Vietnam, are cutting costs, resulting in widespread layoffs and salary reductions. In this uncertain economic climate, preserving individuals’ income is vital, especially amidst ongoing challenges.

In March, Igloo, OPES, and FE Credit partnered to introduce Accident and Liquid Damage (ADLD) insurance through FE Credit’s extensive network of over 21,000 points of sale. As Vietnamese consumers increasingly favour modern technology equipment, with their spending on electronics ranking among the highest in the region, the need to protect these assets and provide users with peace of mind is paramount. This insurance product is integrated with loans for mobile phone instalment plans. The ADLD Insurance package offers coverage for device repair or replacement due to unexpected damage, including incidents such as fire, breakage, water damage, or flooding, providing comprehensive consumer protection.

Tri Nguyen, Country Manager in Vietnam, Igloo shared, “At Igloo, our mission is to revolutionise the insurance industry through technology, ensuring accessible and dependable insurance solutions. By partnering closely with leading financial and insurance partners in Vietnam, we extend our reach to a wider audience and deliver innovative products tailored to evolving consumer needs. This collaboration underscores our dedication to making insurance affordable and accessible to diverse Vietnamese communities, thereby enhancing insurance awareness and penetration in the country”.

Igloo has been working with several partners across Vietnam to make it most convenient for people in the country to access insurance products.