Singapore-based insurtech startup Axinan is in the midst of raising Series A-plus funding, its Founder and CEO Wei Zhu told e27.

Axinan, which in February last year secured an undisclosed sum in Series A round from NSI Ventures and Linear Venture, also plans to expand into Thailand and Vietnam.

“We are currently in the midst of raising Series A+ round of funding. We have plans to expand into Thailand and Vietnam,” added Zhu.

Zhu didn’t share more details.

Incorporated in 2016 by Zhu (formerly CTO of Grab), Axinan focuses on creating “innovative digital insurance for the Internet economy”. It leverages Big Data, real-time risk assessment, and digitised claims management to create B2B2C insurance solutions for online companies and insurance companies.

Axinan mainly offers two B2B2C products — e-commerce logistics (protection of items against the risk of total loss or damage during transit, failed delivery and returns), and electronic gadget (protection of electronic gadgets against accidental damage).

“We currently focus on areas where data and technology can be used meaningfully to create value and bring the most impact,” Zhu said. “For now, it means focusing on the e-commerce-logistics industry, capturing relevant data, analysing it and using the insight to assess risks and inform pricing strategy.”

Also Read: Ex-Grab CTO’s startup Axinan raises Series A funding to create online insurance products

Axinan’s B2B clientele currently consists of six commercial partners, who have inked seven contracts with the firm catering to Southeast Asia and Australia. The names include regional powerhouses Lazada, Shopee and Bukalapak. “We are also currently in talks with additional commercial partners in both the e-commerce and telco space,” Zhu said.

igloo, the first B2C product

igloo is Axinan’s first consumer-facing product. A mobile app, igloo makes consumer solutions available to anyone with a mobile phone and internet connection.

“With igloo, we address consumer pain-points head-on by providing instant coverage, intuitive and simple claims management. This enables everyone to afford insurance with dynamic pricing,” he explained.

“We aim to expand our range of coverage options so that everyone can protect the things that they care about — no matter what they are. And we’re starting from the thing that people most care about now: their mobile phones,” shared Zhu.

Zhu claims the igloo app has been downloaded by more than 90,000 users across Singapore, Indonesia and the Philippines to date.

The company is also looking into insurance solutions for health and pets.

Currently, Axinan, which also has an office in Taiwan, provides free return shipping policy for its e-commerce partners. “A purchase experience can go bad very quickly in so many ways: losing or damaging a parcel in transit, theft, or shipping the wrong item. We do not just offer coverage for returns-shipping for e-commerce partners, but also cover three other risks, including total loss, damages during transit, and failed delivery.

We provide comprehensive coverage for the e-commerce platform, its merchants and customers to insulate themselves from the costly expense of unfavourable events,” he said.

 

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