Kuala Lumpur, March 11: Singapore-based Regional insurtech firm, Igloo, has announced the promotion of Raunak Mehta (pictured above), previously Chief Commercial Officer as its new Co-founder and Chief Executive Officer (CEO).
He will work alongside co-founder of Igloo, Wei Zhu, who is on the company’s board of directors.
Raunak has extensive experience in the e-commerce and technology space, having held leadership roles at Asia’s biggest e-commerce brands Flipkart and Zalora.
Since joining Igloo in 2018, he has spearheaded its market entry into The Philippines, Vietnam, Thailand, Indonesia, Australia and Malaysia. while establishing partnerships with industry leaders such as Lazada, Shopee, Bukalapak, AIS, RedDoorz, foodpanda, Lotte Finance and Ahamove across a range of insurance products.
Igloo has continued to expand in a tough macro environment, nearly tripling its Gross Written Premium facilitation in 2021.
With more than 30 marquee partnerships and an ever-increasing regional footprint, Igloo is on track to achieve its goal of facilitating five percent of General Insurance Premiums in the region over the next five years. In 2021 alone, Igloo’s insurance solutions helped underwrite over 75 million policies in Southeast Asia.
“It’s heartening to see the company grow so quickly, and to continue to enjoy the backing of a strong pool of investors,” Igloo Co-founder and member of the board of directors Wei Zhu said.
“With his diverse knowledge across industries and experienced leadership, Raunak will play an instrumental role as Igloo continues to scale.
I’m confident we are in a strong position to be the leading regional insurtech under Raunak’s leadership. I’m delighted to continue to play a part in Igloo’s growth and evolution as part of its board,” Wei added.
Igloo is well positioned to capture the immense opportunity provided by Southeast Asia’s burgeoning digital economy, which is expected to hit US$360 billion in 2025, according to Bain, Google and Temasek’s e-conomy report.
The growth of the region’s digital economy has also catalysed a need for digital insurance products such as cybersecurity and e-wallet insurance, which has opened up a US$10 billion opportunity for digital players and insurance companies in the region.
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