Residing Country: Singapore
Raunak Mehta is the Chief Commercial Officer of Igloo, a Singapore-based full-stack insurtech firm that enables smart, digital insurance for the Internet economy. He heads the commercial business at Igloo that includes business development, marketing, operations, insurance partnerships and fundraising.
Raunak has extensive experience in the e-commerce and technology space, having helmed leadership roles at some of Asia’s biggest e-commerce brands such as Flipkart, and one of Asia Pacific's top online fashion retailer ZALORA Group, together with a stint at Publicis Groupe.
Since joining Igloo in 2018, Raunak has spearheaded the company’s market entry into Philippines, Vietnam, Thailand, Indonesia, Australia and Malaysia, while establishing partnerships with industry leaders viz. Lazada, Shopee, Bukalapak, AIS, RedDoorz, Foodpanda & UBP across a range of insurance products. Igloo today works with multiple insurers in the region notably Sompo, Allianz, Baoviet & MSIG.
Since its inception in 2016, Igloo has been working with key players from different verticals across Southeast Asia. Together with MSIG Insurance (Thailand) - Thailand’s leading insurer, Igloo has jointly launched an innovative motor insurance product (UBI Motor) that is usage and behaviour-based, designed to provide a cost-effective car insurance solution for drivers in Thailand, where road accidents are one of the highest in the region.
Unlike other usage-based insurance that only takes into account the distance driven by the user, Igloo’s UBI Motor is a plug and play telematics-based solution that taps on Big Data to analyse the driving behaviour and vehicle usage to determine insurance premiums and reward safe drivers. This allows customers to track their usage and save up to 40% compared to traditional one size fits all insurance products.
The insurance product transforms the customer’s experience by completely digitizing the consumer’s journey — from purchasing the product, monitoring the vehicle usage, calculating premiums to making claims. The modelling behind the product calculates daily premiums based on vehicle usage and driving behaviour.