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Igloo CEO eyes global M&A: ‘We have an appetite to grow more’
Falling token prices have not made AI cheaper to run, as tasks grow more complex. Igloo Co-Founder and CEO Raunak Mehta told Tech in Asia that each new partnership now goes live at a lower cost, and set out what comes next: weather and cyber cover, life insurance with Chubb, and acquisitions beyond Southeast Asia. “If all [goes] well, you’ll probably see us doing more transactions across the world,” he said.
Caught in the rain? DANA users can now get an insurance payout
Parametric insurance has mostly protected farmers against drought and flood, but thanks to Igloo and DANA, everyday consumers can now benefit from it when rain ruins their night out. DANA Rain Protection costs IDR 500 and pays IDR 50,000 automatically when satellite data shows at least 2.5mm of rain, with no claim form. Igloo Co-Founder and CEO Raunak Mehta called it proof that Igloo’s technology can make “something useful but niche, mainstream”.
SG insurtech Igloo, Dana launch weather insurance in Indonesia
With insurance penetration in Indonesia at 2.7%, Tech in Asia placed Igloo and DANA’s launch within insurers’ push into digital distribution. DANA Rain Protection is built into DANA’s QRIS payment flow. A 500 rupiah (US$0.028) policy pays 50,000 rupiah when satellite data shows 2.5mm of rain at the user’s location, with no paperwork or human review, adding parametric cover to five insurance products already in the DANA app.
Q&A with Igloo CEO Raunak Mehta: AI Drives Insurance Revenue Growth of Up to 50%
Insurance penetration across Southeast Asia still trails its fast-digitising middle class. In a Q&A with Bisnis Indonesia, Igloo Co-Founder and CEO Raunak Mehta said growth in Indonesia, Igloo’s largest market, comes only from products built around local risks, from weather index cover to protection for hacked e-wallets. “If you keep making the same products as existing insurers, I don’t think you will be able to capture the market,” he said.
Igloo Research: Most Indonesian Travellers Buy Travel Insurance at the Last Minute
Indonesian awareness of travel insurance has grown since the pandemic, while take-up still trails other countries. Fortune Indonesia reported Igloo’s explanation: buyers get little guidance comparing products across insurers and little help outside office hours, and 30% buy on the day they travel. Igloo Co-Founder and CEO Raunak Mehta said: “This shows that the customer journey has to be short enough to understand and finish on a mobile device in just a few minutes.”
Travel Insurance Becomes a Last-Minute Choice for Indonesian Travellers
Domestic travellers in Indonesia buy travel insurance about a day before they leave; international travellers allow six. Investor Daily reported the gap from Igloo’s 2025 data, which found 67% of policies are bought within a week of departure. Igloo Co-Founder and CEO Raunak Mehta said: “Last-minute travel insurance purchases show that people have not yet made travel protection part of their trip planning.”
Can Singapore’s AI start-ups build lasting businesses?
Singapore drew 94% of Southeast Asia’s venture funding in the first half of 2026, and investors now want proof that AI start-ups can stay useful as model providers add features. Tin Men Capital Co-Founder and Managing Partner Jeremy Tan told The Edge Singapore a start-up’s defence lies in proprietary data, industry expertise, distribution and customer relationships. “None of these are things that a model provider adds in a release,” he said.
The Travel Destinations with the Most and Least Expensive Insurance Premiums
Japan accounts for 26% of the international travel policies Indonesians buy through Igloo, and at US$32 a policy it costs less to insure than Europe, at US$50. Medcom.id used Igloo’s 2025 data to map what Indonesians pay to protect their trips, from domestic journeys at around US$10 to long-haul routes. Medical cover, chosen by 92% of customers, comes first wherever they go.
Indonesians Increasingly Aware of Travel Insurance, but Only Buy It on the Day of Departure
Repeat buyers of travel insurance in Indonesia pay 31% higher premiums than first-timers and buy 18 days before departure, against 12. Bisnis Indonesia used Igloo’s 2025 transaction data to argue that speed of distribution has become central to sales, since 30% of policies are bought on the day of travel. Igloo Co-Founder and CEO Raunak Mehta said last-minute buying shows that “people do not plan their travel protection”.
Igloo Research: Most Indonesian Consumers Buy Travel Insurance Close to Departure
Wednesday is the busiest day for Indonesian travel insurance sales, 6pm to 8pm the busiest hours and QR codes the most common way to pay, Katadata reported from Igloo’s 2025 data. The median buyer purchases two days before leaving, so the journey has to finish on a phone in minutes. “This insight has shaped our latest AI feature,” said Igloo Co-Founder and CEO Raunak Mehta, a chat-based agent that guides customers to purchase.
Igloo Survey: 92% of Travel Insurance Buyers Put Medical Protection First
Covid-19 cover, once the best-selling feature of Indonesian travel insurance, is now chosen by just 23% of buyers, while 92% pick medical care. Kontan reported the shift from Igloo’s study of a year of sales on igloo.co.id. Igloo Co-Founder and CEO Raunak Mehta said timing matters as much as cover: “They buy it when they remember, usually at night, or even right on the day of departure.”
‘You need to have great barriers to entry’: More VC firms expand into deep tech as AI reshapes startup investing
Venture funding in Singapore fell 34% to US$4.6 billion in 2025, and more generalist VC firms are moving into deep tech. Tin Men Capital Co-Founder and Managing Partner Murli Ravi told The Business Times the firm has extended further into frontier tech, backing Pints AI and Tau, and that founders will now avoid investors who do not understand the science. “There are opportunities for folks who have been consistent,” he said.
Southeast Asia VC beckons for untapped US investor base
Jeremy Tan, Co-Founder of Tin Men Capital, and Arielle Thompson, the firm's newly appointed Global Head of Capital Formation, were featured in Mergermarket's reporting on why US institutional investors are warming up to Southeast Asia's venture market after a macro reset. The story examined the region's positioning as an opportunistic entry point for industrial Midwest LPs, the resilience of B2B enterprise tech through the ASEAN startup downturn, and the shift in US capital toward foreign markets with limited geopolitical exposure.
Cooler heads prevail as private equity navigates AI-disrupted software exits
Jeremy Tan, Co-Founder of Tin Men Capital, was featured in Mergermarket's feature on how private equity is navigating software exits in an era of AI disruption. The feature, which also drew on perspectives from Hg Capital, MSCI, Bain & Company, and Ropes & Gray, examined at-risk SaaS assets, emerging rollup and continuation vehicle strategies, and why Southeast Asia's B2B enterprise software sector has held up better through the dislocation than its US and European counterparts.
AI to bridge insurance gap in Indonesia, Igloo says
Raunak Mehta, Co-Founder and CEO of Igloo, was featured in The Jakarta Post's executive column exploring how the Singapore-based insurtech is closing Indonesia's insurance protection gap through AI and strategic distribution partnerships. The interview examined Indonesia's sub-3% insurance penetration despite 80% digital adoption, Igloo's partnerships with Telkomsel, DANA, TikTok and Tokopedia, and how the company's early investment in AI is driving 50 to 60% year-on-year growth alongside significant operating leverage.
Who captures the value in Singapore’s S$37 billion frontier tech bet?
Jeremy Tan, Co-Founder of Tin Men Capital, authored an op-ed in The Business Times arguing that the enterprise value from the world's US$2.5 trillion AI infrastructure buildout will accrue to the workflow-embedded, vertically specialised companies that close the industry's deployment gap. The op-ed set out Tin Men’s three-layer framework for frontier tech, the fragmentation thesis behind why value will be captured in "uncountable large niches" rather than a few horizontal platforms, and why Singapore's full-stack frontier technology position makes it the natural anchor for a structurally resetting Southeast Asian venture market.
Can Southeast Asia claim its place in the AI economy?
Murli Ravi, Co-Founder and Managing Partner of Tin Men Capital, was featured in The Edge Singapore's feature exploring whether Southeast Asia can move beyond hosting AI infrastructure to building lasting enterprise value. The feature, which also drew on perspectives from INSEAD, NUS Business School, and AI Singapore, examined the region's position in the global AI value chain and the gap between investment and commercial impact.
The piece highlighted Tin Men Capital portfolio companies Ailytics, Groundup.ai, and Graas as examples of Southeast Asian AI startups solving measurable enterprise problems across construction safety, predictive maintenance, and e-commerce.
Southeast Asia insurers risk profit hit from weak data systems
Igloo Co-Founder and CEO Raunak Mehta was interviewed by Insurance Asia on how AI deployment on outdated data systems is limiting profitability gains for Southeast Asian general insurers. Mehta told the publication that insurers who make the right AI investments over three to five years could see profitability improve by 300 to 400 basis points, but warned that many still operate on decades-old infrastructure that needs upgrading before AI can deliver results.
"You need to separate the hype layer from what I call the infrastructure layer," Mehta said, noting that most general insurers in the region operate at high combined ratios with thin net incomes.
Igloo appoints Ramjit Lahiri to lead high-stakes Philippines expansion
e27 profiled Igloo's appointment of Ramjit Lahiri as Philippines Country Head, framing it as a high-stakes bet on one of Southeast Asia's largest protection gaps. The piece noted that while total premiums in the Philippines reached PHP502.6 billion (US$8.9 billion) in 2025, insurance penetration has only inched to between 1.78% and 1.79% of GDP, and GlobalData estimates a catastrophe protection gap of around 98%.
CEO Raunak Mehta was quoted: "Over the next two to three years, we expect rapid scale in the Philippines as embedded insurance becomes part of how Filipinos interact with financial services."
Insurtech Igloo expands Philippines strategy as insurance market hits $8.4B
TechNode Global reported that Igloo has appointed Ramjit Lahiri as Philippines Country Head as the company deepens its presence in one of Southeast Asia's fastest-growing insurance markets. The Philippines recorded PHP502.6 billion (US$8.37 billion) in total insurance premiums in 2025, up 14.1% year on year, though penetration remains below 2% of GDP.
Since entering the Philippines, Igloo has partnered with more than 40 digital platforms, launched over 55 insurance products, and established partnerships with GCash, Shopee, Lazada, and Smart Communications. Lahiri will lead the company's expansion into banking, consumer finance, and healthcare sectors in 2026.
