Lazada and Peak3 Launch a New Digital Insurance Joint Venture in Southeast Asia
SINGAPORE, Jan. 20, 2025 /PRNewswire/ -- Lazada, Southeast Asia's leading eCommerce platform, and Peak3, a global leader in insurance technology, have announced the launch of a joint venture (JV) to build the leading digital and embedded insurance ecosystem in Southeast Asia.
Building on Peak3's SaaS insurance orchestration platform and in collaboration with leading insurers, the new JV is embedding innovative, convenient and affordable insurance propositions into Lazada's thriving local ecosystems, linking about 160 million active users to more than one million actively-selling sellers every month.
Bold Vision and Tangible Early Success
This joint venture extends Lazada's capabilities beyond its core eCommerce offerings by integrating diverse insurance propositions into its ecosystem. Lazada customers can seamlessly obtain insurance coverage through the Lazada app and website, while merchants benefit from tailored protections to safeguard their businesses. This fosters a supportive ecosystem for all users, contributing to Lazada's vision of becoming a comprehensive lifestyle platform.
In collaboration with leading local and global insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo, Peak3 and Lazada are set to deliver a diverse portfolio of insurance propositions across property & casualty, accident and health, and life insurance. In a first step, the focus is on developing embedded insurance, including gadget and electronics protection, and product liability protection to safeguard customers and their purchased goods. Additionally, marketplace insurance options, such as car, accident and travel insurance, provide essential coverage for customers' everyday activities.
Bill Song, Group CEO of Peak3, said: "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."
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.
One Regional Insurance Orchestration Tech Platform
At the core of this JV is Peak3's SaaS insurance orchestration platform, which provides a flexible solution to unify insurance operations across insurance product lines and enables seamless integration with Lazada's ecosystem and insurers.
David Zheng, Lazpay Head of Product, Insurance and Digital Goods, at Lazada, highlighted: "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."
Key benefits of Peak3's platform include:
- Rapid Multi-Country Deployment: Enabling new product launches in weeks through configuration, optimized for scalability and re-usability across countries.
- Comprehensive and Innovative Insurance Offerings: Supporting the full spectrum of insurance products, from micro-insurance to traditional insurance, along with parametric propositions to offer enhanced flexibility and tailored coverage.
- Simplified API Integration: Streamlining insurer connectivity across core systems and providing seamless customer journeys and high performance during peak sales periods.
- Data-Driven Optimization: Providing real-time analytics and A/B testing capabilities to enable data-driven optimizations of products and customer journeys.
The Future: Advancing Financial Inclusion and Sustainability
The new joint venture exemplifies the shared commitment of Peak3 and Lazada to advancing financial inclusion and sustainability through digital-first and embedded insurance. The joint venture enhances the accessibility and affordability of insurance for underserved populations. Upcoming inclusive propositions, such as insurance with fractionalized premiums and flexible payment options, will help customers secure essential protection with reduced financial strain.
Given this early success, diverse initiatives are underway to enhance Lazada's insurance ecosystem and improve the customer journey. This includes enabling users to easily access policies and post-purchase services directly through the Lazada app. Additionally, Peak3's advanced technologies, such as AI-driven product recommendation, intelligent claims assessments and AI-powered customer support, will further streamline operations and customer experience.
In addition, Peak3 and Alibaba, the parent company of Lazada, are exploring additional opportunities with other Alibaba International Digital Commerce businesses. The ambition is to drive innovation, broaden accessibility, and provide comprehensive insurance solutions to customers globally.
About Peak3
Peak3 offers advanced SaaS core, orchestration, and AI technologies for the global insurance industry. Serving more than 50 insurers, MGAs, and intermediaries across life, health, and P&C insurance, Peak3 enables accelerated growth, enhanced customer experiences, and improved operational efficiency. For more information on Peak3, please visit www.peak3.com
About Lazada Group
Lazada Group is Southeast Asia's pioneer eCommerce platform. For the last 12 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.
SOURCE Peak3
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