JMT Network Services, a subsidiary of Thailand conglomerate Jaymart Group, and Axinan Thailand, the Thai subsidiary of Singapore-headquartered Axinan Group operating the regional insurtech brand Igloo, have established a joint venture ( JV ) in Thailand.

The JV, the companies say, will leverage Jaymart’s vast retail reach and Igloo’s market-leading insurance technology and capabilities to build Thailand’s first true digital insurer.

Throught this, they say, the JV will design and deliver digitally-differentiated insurance products and cutting-edge insurtech solutions tailored to businesses and consumers in Thailand.

The JV plays a strategic role in accelerating Jaymart’s broader digital evolution. As the group continues to integrate technology across its businesses, the addition of embedded insurance enhances its value proposition, offering customers not just products and services, but protection tailored to their lifestyles.

Meanwhile, Igloo, it notes, brings to the JV its market-leading insurance technology developed and honed over the years across its successful embedded insurance, direct-to-consumer, sales intermediaries and brokerage business lines across Southeast Asia.

Across the region, it has worked with household brands from the e-commerce, fintech, banking, logistics and retail sectors, among them, Shopee, Lazada,Tokopedia, Dana, GCash, Circle K and Mobifone.

Digital insurance growth in Thailand, according to data from OIC and BlueWeave, has increasingly outpaced general insurance growth by two to three times over the last five years – reflecting the shift in consumers’  habits towards purchasing insurance online.

Growth in digital has been fuelled by both traditional insurers moving into digital and insurtechs, such as Igloo, disrupting the space.

“The JV with Igloo unites best-in-class insurance tech and deep knowledge of Thai consumers,” says Ekachai Sukumvitaya, Jaymart’s deputy CEO. “It will unlock new opportunities to integrate protection into our business lines, from device financing to lifestyle retail, while spearheading the future of Thailand’s insurance sector.”