Lazada, Southeast Asia’s leading eCommerce platform, and Peak3, a global leader in InsurTech, have announced a strategic joint venture (JV) aimed at creating the region’s most advanced digital and embedded insurance ecosystem.
This collaboration will see the integration of innovative insurance propositions into Lazada’s platform, targeting its vast user base across six countries in Southeast Asia, according to InsurTech Insights.
By tapping into Peak3’s SaaS insurance orchestration platform, the partnership promises to offer affordable and accessible insurance solutions for millions of customers and merchants.
The primary goal of the partnership between Lazada and Peak3 is to leverage Lazada’s extensive user base and merchant network to deliver seamless and integrated insurance offerings.
By embedding these insurance solutions directly within Lazada’s digital environment, the partnership aims to provide both convenience and affordability, making insurance more accessible to a wider audience.
This collaboration also enables Lazada to diversify its services beyond traditional eCommerce, enhancing its platform’s value proposition for both users and sellers.
Lazada is a leading eCommerce platform in Southeast Asia, offering a vast range of products from over a million active sellers.
With a user base of approximately 160 million active users, Lazada is an integral part of the region’s online retail ecosystem, providing customers with an easy and efficient shopping experience.
Peak3, on the other hand, is a pioneering InsurTech company that specialises in creating advanced insurance technology solutions. Known for its SaaS-based insurance orchestration platform, Peak3 enables seamless integration between insurers, platforms, and customers.
Their platform supports a range of insurance products and services, providing flexibility and scalability to meet the diverse needs of the digital economy.
This joint venture leverages the strengths of both companies to deliver a comprehensive range of insurance products.
Through collaboration with leading local and global insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo, Peak3 and Lazada will offer a variety of insurance options, including property and casualty, health and life insurance, and accident coverage.
The first phase of the JV focuses on embedded insurance, offering customers protection for gadgets and electronics, product liability, and even car, accident, and travel insurance.
By integrating these insurance products into Lazada’s platform, both customers and merchants can obtain tailored protections, enhancing the overall shopping experience and providing added value. Furthermore, Peak3’s technology platform ensures smooth integration and operational efficiency across different insurance offerings.
Since its launch in August 2024, the joint venture has quickly gained traction, already rolling out over a dozen insurance propositions across six Southeast Asian markets, including Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia.
As of now, the venture has issued more than 5 million policies, with an average of over 70,000 policies being issued daily.
The core of this JV’s operations is Peak3’s SaaS insurance orchestration platform, which simplifies the deployment and integration of insurance products across multiple regions. The platform supports rapid multi-country deployment, offering scalability and flexibility for new insurance products and services.
Looking forward, the partnership between Peak3 and Lazada will continue to drive innovation in digital insurance.
Plans are already in place to introduce more inclusive propositions, such as fractionalised premiums and flexible payment options, to ensure that insurance is accessible to underserved populations.
Additionally, the use of advanced technologies like AI-driven recommendations, intelligent claims assessments, and AI-powered customer support will enhance the overall customer journey, streamlining the experience for users.
Peak3 and Lazada are also exploring additional opportunities with Alibaba, Lazada’s parent company, and its other international digital commerce businesses.
This expansion aims to broaden the reach of the embedded insurance offerings, with the potential for global scalability.
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.”
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.”
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