Axinan launches igloo catering on-demand digital insurance solutions to the everyday lifestyle needs of today’s millennials. igloo will be introducing customisable Phone Screen Protection (PSP) plans where consumers will be able to buy policies and make claims digitally and seamlessly on the igloo mobile app.

According to a global study released by SquareTrade in November 2018, more than 50 million smartphones screens are broken every year. Smartphone owners accidentally broke more than 50 million phone screens last year and replacing those screens cost them US$3.4 billion.

The study found that 66% of smartphone owners damaged their phones in the past year, with cracked screens leading the way as the most common type of damage (29%). Scratched screens (27%) and non-working batteries (22%) took second and third place respectively, with touchscreen issues and chipped corners/sides tied at 16% each.

Founded in 2016, Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to develop solutions for enterprises. The launch of igloo marks Axinan’s first direct-to-consumer offering – catering to the wide-ranging demands of the everyday consumer.

Specifically, for the PSP plans, Axinan has partnered with leading digital insurer FWD Singapore as the official insurance partner. Customers will be able to get their phone screens replaced upon physical damage. The company has partnered with several phone repair service companies to provide repair services islandwide. Consumers will be able to get their PSP plan on-demand and through subscription with prices determined by the model of their devices.

Announcing the launch of igloo, Wei Zhu, Founder and CEO, Axinan said, “With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials inogloo Southeast Asia in mind.”