Backend Engineer

Insurtech Igloo expands into Turkey with personal cyber insurance partnership. Oct 13, 2026 * Singapore-based insurtech Igloo has partnered with Aktif Bank's Sigortayeri to introduce personal cyber insurance in Turkey, marking its first expansion outside Asia Pacific. * The product will be distributed through the N Kolay banking app, which has 8 mn users, and covers cyberbullying, identity theft, online fraud, cyber extortion and compromised home networks. * Priced at TRY 2,100 (~$43), the policy includes family coverage. Igloo plans to use Turkey as a starting point for expansion across the Middle East, Central Asia and North Africa. Singapore-based insurtech Igloo has entered the Turkish insurance market through a partnership with Sigortayeri, the insurance technology subsidiary of Aktif Bank, launching a personal cyber insurance product covering online fraud, identity theft and cyberbullying. The agreement marks Igloo's first expansion beyond Asia Pacific and provides access to N Kolay, Aktif Bank's consumer banking application with approximately 8 mn users. Mitsubishi Corporation facilitated the partnership through its established relationship with Çalık Group, which includes Aktif Bank. The launch introduces cyber protection for individuals and families, including coverage for risks that remain relatively underserved in Turkey's insurance market. Igloo introduces family cyber insurance covering online threats. The Personal Cyber product developed by Igloo and Sigortayeri covers cyberbullying, identity theft, social engineering scams, fraudulent online purchases, cyber extortion and security breaches involving home devices and networks. Cyberbullying protection extends to harassment through social media, messaging applications, gaming platforms and mobile phones. Depending on the circumstances, coverage can include counseling services, professional security assistance when family members face threats and relocation expenses when moving becomes necessary for their safety. The policy costs TRY 2,100, approximately $43, and covers the policyholder's spouse, children and parents residing at the same address. Children studying away from home remain eligible until age 22. Sigortayeri Chairman Uğur Gülen said the company had observed increasing demand for cyber protection as digital risks developed. "Sigortayeri has seen cyber protection demand grow alongside the evolving risk landscape for years," Gülen said. Igloo targets expansion beyond Southeast Asia. Igloo brings substantial digital insurance distribution experience to the partnership. Since its establishment, the company has facilitated more than 2.2 bn policies across Indonesia, the Philippines, Thailand, Vietnam and Malaysia. It currently operates across six Southeast Asian markets, works with more than 100 commercial and insurance partners and processes over 100 mn policies monthly. Raunak Mehta, Igloo's co-founder and CEO, said the Turkish launch would allow the company to apply its experience in embedded insurance and digital distribution to a new market. Turkey's cyber risks remain a major concern that insurtech can and should address. Today, XILO is very proud to use its knowledge from Southeast Asia to launch a differentiated cyber product with Sigortayeri. Raunak Mehta, Igloo's co-founder and CEO He added that the company expects Turkey to become the first of several markets it enters across the Middle East, Central Asia and North Africa. The expansion comes as Turkey seeks to increase insurance adoption. Insurance penetration reached 2.62% of GDP at the end of 2025, compared with the Insurance Association of Türkiye's target of 4.7% by 2030. Personal cyber insurance remains an emerging segment, with Turkish regulator SEDDK supporting greater product diversity. For Igloo, the partnership provides an established banking distribution channel and an opportunity to introduce its insurance technology to markets beyond Southeast Asia, beginning with consumer cyber protection in Turkey.

Singapore-based insurtech Igloo saw revenue rise 46% in 2025, with its embedded insurance business growing 80% year-on-year. The company narrowed net losses by 60% and expects similar improvements this year whilst targeting EBITDA breakeven by year-end. Embedded insurance now accounts for 85% of revenue. Igloo partners with major insurers like Allianz and MSIG to distribute policies through platforms including Shopee, GCash, and Dana, earning fees per policy purchased. The company now facilitates over 100 million policies monthly, up from 80 million last year. Indonesia remains its largest market by revenue. CEO Raunak Mehta says the firm is exploring mergers and acquisitions to accelerate growth, whilst expanding its software licensing business to banks across Malaysia, Thailand, Indonesia, and Taiwan.

Singapore insurtech Igloo and Indonesian fintech Dana have launched a parametric weather insurance product in Indonesia. The product integrates into Dana's QRIS payment flow and pays users 50,000 rupiah (US$2.80) when rainfall at their location reaches 2.5 millimetres or more during the coverage period. Each policy costs 500 rupiah (US$0.028). Claims are validated using satellite precipitation data and users' GPS coordinates, without paperwork or human review. The launch adds to an existing partnership that already offers five insurance products through the Dana app. It reflects insurers' push into digital distribution in Indonesia, where insurance penetration stood at 2.7 per cent, according to Igloo. The product operates within Indonesia's national QR code payment standard, defined by Bank Indonesia.