Lazada and Peak3 launch new joint venture

Insurance technology provider Peak3 and Singapore-based e-commerce platform Lazada Group have announced the launch of a joint venture to build “the leading digital and embedded insurance ecosystem in Southeast Asia.”

The new joint venture will embed innovative, convenient and affordable insurance propositions into Lazada’s local ecosystems, linking about 160 million active users to more than one million actively-selling sellers every month. The companies will collaborate with a variety of insurers including AIA, Astra, Income Insurance, MSIG, and Sompo to deliver a range of coverages across property & casualty, accident and health, and life insurance.

Since its establishment in August 2024, the partnership has already rolled out a dozen insurance propositions across six countries – Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia. To date, over 5 million policies have been issued, averaging now over 70,000 policies per day.

In addition, Peak3 and Alibaba, the parent company of Lazada, are exploring additional opportunities with other Alibaba International Digital Commerce businesses.

“We are excited to deeply partner with Lazada on this venture, contributing our technology and expertise from similar joint ventures with Grab, Klook and Carro. Lazada has an incredible ecosystem and reach, and we have already seen remarkable market traction.” – Bill Song, Group CEO of Peak3.

“Peak3’s platform has truly helped us deepen our capabilities and offerings for insurance products to offer a more holistic experience for our users. In less than half a year, we will be live across six markets with over a dozen seamless insurance propositions and a run rate of over two million policies per month. This partnership will allow us to achieve greater synergies and operational efficiencies, with the products and corresponding services managed centrally on one platform.” – David Zheng, Lazpay Head of Product, Insurance and Digital Goods, at Lazada.