ZA Tech partners with OVO Group to launch new insurtech business in Indonesia
Peak3 , an international technology venture founded by ZhongAn Online P&C Insurance Co. and backed by Softbank ‘s Vision Fund 1, announced that it has formed a joint venture with BCP, the holding company of Indonesia’s e-wallet OVO, to offer Indonesian insurance companies ‘easy and secure’ access to ZA Tech’s insurtech capabilities and applications.
Under this partnership, ZA Tech will provide know-how in insurance innovation and proprietary technology by offering well-defined platform-based solutions, which are built on the latest technology and capable of processing high volumes of data.
“At ZA Tech, it is our aim to redefine the insurance value chain and the internet ecosystem through proprietary technology and fulfill consumers’ diverse needs with our comprehensive and innovative digital solutions. We believe that the synergy will allow us to grow together and improve the overall user experience in Indonesia. The low awareness of the benefits and role of insurance as a tool for protection, savings and wealth creation in Indonesia is something we seek to address. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare. We are confident that this tie-up with OVO Group will fast-track digital insurance adoption and enable easy, as well as, secure access to digital insurance services for the Indonesian people.” – – Bill Song, CEO of ZA Tech.
“At OVO Group, we are continuously learning and striving to find new ways of accelerating digital transformation and driving financial inclusion. We are excited at the prospect of working with a global leader in insurtech who has experience in many partnerships. Through humble learning, we believe that together we can drive digital transformation in Indonesia for local insurance providers and thereby accelerate insurance adoption. We are looking forward to collaborating with Bill Song and learning together with ZA Tech, towards achieving our collective vision of advancing financial inclusion.” – Jason Thompson, President Director of BCP.
ZA Tech is the platform for ZhongAn Online to grow the international business by partnering with internet platforms and insurance companies in Southeast Asia, Japan and Europe and providing both technical solutions and professional services.