Axinan, named after the Chinese characters 信 [ trust ] and 安 [ safety and security ], is a Singapore-based Insurtech startup with full-stack capabilities to create and distribute innovative, high frequency, low premium digital insurance products for today's millennials.
Their consumer product, Igloo, is an on-demand lifestyle insurance app (available in Singapore; rest of SouthEast Asia by Q32019) which enables consumers to protect themselves from the unforeseen risks in life. It is a fully digital end-to-end platform covering purchase to claims management – they partnered with leading licensed insurer FWD Singapore to launch their first phone screen insurance product providing flexible and affordable coverage for broken screens.
Axinan also offers enterprise solutions – comprehensive transit insurance coverage for items that are lost in transit, damaged or return – for Ecommerce platforms (Tmall, Lazada, Shopee, Bukalapark, Shopify). Using neural network-based machine learning algorithms, they assess fraud risks at each transaction by using key captured data of an Ecommerce user journey. Thus allowing dynamic premiums to be issued in line with the calculated risks of a transaction. It also includes a proprietary claims management approach that is proactive, secure and an expedited activity leading to great customer satisfaction.
Axinan is rapidly growing its business across markets in Singapore (HQ), China, Indonesia, Taiwan, Thailand and the Philippines.
Axinan was founded by Wei Zhu, former Chief Technology Officer of Grab (largest ride-hailing company in Southeast Asia) and one of the early engineering staff members of Facebook. He also worked at Microsoft for 8 years as a Principal Development Lead. He was educated at the University of Washington in Computer Engineering.