Singapore-based insurtech Peak3 has launched a joint venture (JV) with e-commerce platform Lazada to support a digital insurance ecosystem in Southeast Asia.
This partnership seeks to embed “innovative” insurance solutions into Lazada’s user network, connecting around 160 million active users with more than a million monthly sellers.
The JV marks an extension of Lazada’s offerings, integrating a variety of insurance products into its ecosystem.
Customers can now access insurance coverage via the Lazada app and website, while sellers receive personalized insurance to protect their businesses.
Working with insurers including AIA, Astra, Income Insurance, MSIG and Sompo, the venture between Peak3 and Lazada aims to provide a wide range of insurance products covering property and casualty, accident and health, and life insurance.
The initial focus is on integrated insurance, such as gadget and electronics protection, and product liability protection.
Peak3 Group CEO Bill Song said: “We are excited to deeply collaborate 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’ve already seen significant market traction.”
Since its formation in August 2024, the partnership has launched numerous insurance proposals in six countries including Malaysia, Singapore and the Philippines, plus Vietnam, Thailand and Indonesia.
At the heart of the new JV is Peak3’s SaaS insurance orchestration platform, which enables rapid deployment of new products and unifies insurance operations across different product lines.
It also facilitates easy integration with the Lazada ecosystem and insurers.
Upcoming initiatives include insurance with fractional premiums and flexible payment options, making essential protection more affordable and accessible.
Future plans include strengthening Lazada’s insurance ecosystem and customer journey, as well as leveraging Peak3’s advanced technologies such as AI-driven product recommendation and intelligent claims assessments.
In addition, Peak3 and Alibaba, Lazada’s parent company, are exploring other opportunities with Alibaba’s International Digital Commerce businesses to drive global innovation and improve accessibility in insurance.
In October 2024, drone manufacturer DJI and Peak3 partnered to extend its Agricultural Drone insurance program in Thailand.
This alliance will help provide drone helmet insurance and third party liability insurance for agricultural drone purchases.
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2025-01-20 14:39:00
