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 collaboration seeks to embed ‘innovative’ insurance solutions into Lazada’s user network, connecting approximately 160 million active users with more than one million sellers monthly.
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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 customised insurance to protect their businesses.
Working with insurers including AIA, Astra, Income Insurance, MSIG, and Sompo, the venture between Peak3 and Lazada aims to deliver a wide range of insurance products covering property and casualty, accident and health, and life insurance.
The initial focus is on embedded insurance, such as gadget and electronics protection, and product liability protection.
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By GlobalDataPeak3 Group CEO Bill Song 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 formation in August 2024, the partnership has launched numerous insurance propositions across 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 allows for the rapid deployment of new products and unifies insurance operations across various product lines.
It also facilitates easy integration with Lazada’s ecosystem and insurers.
Upcoming initiatives include insurance with fractionalised premiums and flexible payment options, making essential protection more accessible and affordable.
Future plans include 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.
In addition, 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.
In October 2024, drone manufacturer DJI and Peak3 partnered to extend its Agricultural Drone Insurance programme in Thailand.
This alliance will help provide drone hull insurance and third-party liability insurance on purchasing agricultural drones.
