Tech company ZA Tech partners in an insurance tech venture with Indonesian e-wallet service OVO
In a strategic move aimed at boosting growth and enhancing user experience, ZA Tech, recently rebranded as Peak3, has formed a joint venture with the holding company of e-wallet OVO. This partnership is set to fast-track digital insurance adoption and provide easy, secure access to digital insurance services for the Indonesian people.
The CEO of ZA Tech, Bill Song, expressed his belief that this synergy with OVO Group will be instrumental in driving digital transformation in Indonesia for local insurance providers. ZA Tech, a technology venture founded by ZhongAn Online and backed by Softbank's Vision Fund, brings its expertise in insurance innovation and proprietary technology to the table.
OVO Group, with its rich user insights due to its e-wallet operations, shares the same vision. They aim to accelerate insurance adoption in Indonesia through this partnership, driving digital transformation for local insurance providers. OVO Group is excited about the prospect of working with ZA Tech, a global leader in insurtech.
The current pandemic has further highlighted the need for insurance to safeguard people's health and welfare. This partnership is timely, as it seeks to address this need by offering Indonesian insurance companies easy and secure access to ZA Tech's proprietary insurtech capabilities and applications.
ZA Tech provides digital core systems to insurers as the infrastructure for their digital distribution. With experience in multiple partnerships in the insurtech industry, this joint venture is expected to explore the massive untapped market in Indonesia.
Indonesia, the fastest-growing market in ASEAN, especially in the gig economy, with economic growth averaging over 5% in the past three years, presents a significant opportunity for digital insurance services. However, the country is a highly underinsured market, with only 1.7% of its over 265 million population currently covered by private insurance.
This joint venture between ZA Tech and OVO Group is expected to bridge this gap, offering innovative insurance solutions to the Indonesian market. ZA Tech is dedicated to digitally transforming the insurance industry by partnering with multiple customer tech platforms to design and launch innovative insurance products.
The article was republished from Fintech News Hong Kong. This partnership marks another step in ZA Tech's global expansion strategy, as it partners with leading internet platforms and insurance companies in South East Asia, Japan, and Europe to grow its international business.
