JMT Network Services and leading insurtech Igloo establish joint venture to transform insurtech solutions for Thailand

JMT Network Services PCL and Axinan Thailand Co Ltd have established a joint-venture (JV) in Thailand. JMT Network Services is a subsidiary of Thailand conglomerate Jaymart Group while Axinan Thailand Co Ltd is the Thai subsidiary of Axinan Group. The Singapore-headquartered Axinan Group operates the leading regional insurtech brand 'Igloo'.

The JV will leverage Jaymart Group's vast retail reach and Igloo's market-leading insurance technology and capabilities to build Thailand's first true digital insurer. In this, it will design and deliver digitally-differentiated insurance products and cutting-edge/industry-leading insurtech solutions tailored to businesses and consumers in Thailand.

Diverse retail expertise and reach

Jaymart Group currently serves over 10 million Thai consumers through a diverse portfolio of successful businesses, including mobile phone and electronics distribution, distressed debt management, food and beverage (F&B), property management, and insurance services.

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.

"At Jaymart Group, our goal is to deliver exceptional customer experiences powered by technology," said Mr.Ekachai Sukumvitaya, Deputy Chief Executive Officer, Jaymart Group Holdings. "The landmark joint-venture with Igloo unites best-in-class insurance tech and deep knowledge of Thai consumers. It will unlock new opportunities to integrate protection into our business lines, from device financing to lifestyle retail, while spearheading a new future of Thailand's insurance sector."

Insurance product and tech pedigree

Meanwhile, award-winning regional insurtech Igloo 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. To date, Igloo has, through its proprietary insurance technology, facilitated over 650 million insurance policies through more than 75 partnerships.

Across the region, Igloo has worked with household brands from e-commerce, fintech, banking, logistics and retail sectors: Shopee, Lazada,Tokopedia, Dana, GCash, Circle K, Mobifone, count amongst brands that Igloo has partnered with to embed microinsurance products on online and offline channels. It has also co-created award-winning innovative insurance products like Gamer's Insurance, Safe Dining insurance, and Weather Index Insurance.

"This joint venture is a game-changer on many fronts," said Raunak Mehta, CEO and Co-founder of Igloo. "Through our leading insurance technology and product expertise, we will be a transformative force for the Jaymart Group of businesses, accelerating their push towards digitilisation. A focus will be implementing AI in automation, efficiency and risk-management."

"It will be, in essence, a blueprint for similar conglomerates running vast and varied businesses who want to bring forth a digital leap into providing insurance protection to today's digital-savvy consumers."

Thailand's first digital insurer

According to data from OIC and BlueWeave digital insurance growth in Thailand has increasingly outpaced general insurance growth by 2-3X over the last five years - reflecting the shift in consumers' habits toward purchasing insurance online. Growth in digital has been fuelled by both traditional insurers moving into digital and insurtechs such as Igloo disrupting the space.

Together, Igloo and JMT Network Services are laying the foundation for a digital-first insurance future, one that is agile, scalable, and designed for the next generation of Thai consumers. The joint venture not only supports Thailand's growing demand for accessible protection but also strengthens the broader push toward digital inclusion in financial services.