Unlocking the Power of Digital Insurance in Southeast Asia
A New Era of Innovation
Peak3, a Singapore-based insurtech, has embarked on a groundbreaking joint venture with e-commerce giant Lazada to revolutionize the digital insurance landscape in Southeast Asia. This strategic partnership aims to seamlessly integrate innovative insurance solutions into Lazada’s vast user network, connecting over 160 million active users and one million sellers monthly.
Expanding Lazada’s Ecosystem
The joint venture marks a significant expansion of Lazada’s offerings, incorporating a diverse range of insurance products into its ecosystem. Customers can now access insurance coverage directly through the Lazada app and website, while sellers benefit from customized insurance solutions to protect their businesses.
A Wide Range of Insurance Products
Peak3 has collaborated with leading insurers, including AIA, Astra, Income Insurance, MSIG, and Sompo, to deliver a comprehensive suite of insurance products covering property and casualty, accident and health, and life insurance. The initial focus is on embedded insurance solutions, such as gadget and electronics protection, and product liability protection.
Leveraging Technology and Expertise
Peak3 Group CEO Bill Song expressed his excitement about the partnership, citing the company’s experience in similar joint ventures with Grab, Klook, and Carro. “Lazada has an incredible ecosystem and reach, and we’ve already seen remarkable market traction,” he said.
Rapid Expansion Across Six Countries
Since its formation in August 2024, the partnership has launched numerous insurance propositions across six countries, including Malaysia, Singapore, the Philippines, Vietnam, Thailand, and Indonesia.
The Power of Peak3’s SaaS Platform
At the heart of the new JV is Peak3’s cutting-edge SaaS insurance orchestration platform, which enables the rapid deployment of new products and unifies insurance operations across various product lines. This platform also facilitates seamless integration with Lazada’s ecosystem and insurers.
Future Initiatives
Upcoming initiatives include the introduction of insurance with fractionalised premiums and flexible payment options, making essential protection more accessible and affordable. Future plans also involve enhancing Lazada’s insurance ecosystem and customer journey, as well as leveraging Peak3’s advanced technologies like AI-driven product recommendation and intelligent claims assessments.
Global Innovation and Accessibility
Peak3 and Alibaba, Lazada’s parent company, are exploring further opportunities with Alibaba International Digital Commerce businesses to drive global innovation and enhance accessibility in insurance. This partnership has the potential to revolutionize the insurance industry, making it more inclusive and customer-centric.
Agricultural Drone Insurance Programme
In a separate development, drone manufacturer DJI and Peak3 partnered in October 2024 to extend its Agricultural Drone Insurance programme in Thailand. This alliance will provide drone hull insurance and third-party liability insurance on purchasing agricultural drones.
Leave a Reply