AIA & ZA Tech form technology partnership

AIA announced a regional digital technology partnership with ZA Tech, a joint venture between ZhongAn Technologies and SoftBank Vision Fund 1.

The initial focus will be Malaysia, where AIA announced a new digital insurance plan sold through Shopee, an online shopping platform in South East Asia. This partnership will see AIA leveraging ZA Tech’s expertise and their “Graphene System” to enable AIA to develop and distribute scenario-based digital products with greater speed. ZA Tech will help AIA integrate with its digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities.

“A step change in Technology, Digital and Analytics is at the heart of our growth strategy and our new partnership with ZA Tech will help us to accelerate our digital transformation. As consumer behaviors evolve, the increasing demand for choice and convenience is driving greater use of digital platforms for day-to-day services. AIA is connected to an expanding network of the best digital partners, allowing access to hundreds of millions of highly engaged and active users. Our agreement with ZA Tech is a significant step forward in enhancing our ability to connect with our existing and new partners, enabling us to build compelling new digital solutions faster, and create innovative ways of attracting new customers. This offers tremendous potential for AIA to build long-term relationships with these customers and meet their evolving financial advice, protection and savings needs through our multi-channel distribution to help many more people live Healthier, Longer, Better Lives.” – Mark Saunders, AIA Group Chief Strategy and Corporate Development Officer.

“Empowered by technology, we aspire to help our partners digitalize their businesses with our cutting-edge solutions, extensive knowledge and experience in Asia. We are delighted to partner with AIA, one of the leading insurers in the world, to address customers’ pain points through delivering scenario-based insurance products efficiently. With our experience in providing tailor-made InsurTech offerings, ZA Tech is well-positioned to embark on a new partnership journey with AIA as we seek to secure a stronger foothold in PanAsia. We look forward to helping AIA insure millions more customers across Asia.” – Bill Song, CEO of ZA Tech.

After launching in Malaysia, AIA and ZA Tech plan to extend the partnership across other AIA markets and will include digital life and health insurance.