ZA Tech Global, the technology venture founded by ZhongAn Online P&C Insurance, has partnered with Prudential Financial’s Indonesian joint venture PFI Mega Life (PML).

The tie-up seeks to transform the Indonesian insurance space by bringing together their technology know-how and co-creating insurance products and digital solutions.

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ZA Tech will leverage its proprietary core insurance system Graphene, along with its business expertise, to help PML provide a digital experience for its customers and ecosystem partners.

It will help PML to create instant and affordable protection that can be personalised for each customer and ecosystem partner.

Moreover, the pure distributed architecture of Graphene is claimed to enable PML to process thousands of transactions per second.

In addition, ZA Tech and PML will co-create insurance products and digital solutions to protect and fulfil the needs of the Indonesian people.

The companies launched their first product, dubbed Mega Proteksi Penyakit Kritis, earlier this month. Accessible through Grab, it offers an affordable and essential critical illness plan for Indonesians.

PML CEO, president, and director Samdarshi Sumit said: “We are exceptionally excited to partner with ZA Tech with whom we can now accelerate our time to market and create digital solutions that are both meaningful and efficient.

“Our joint collaboration with Grab Indonesia and ZA Tech is a true testament to PML’s commitment to Indonesians’ yet keeping in mind the changing needs specifically around digital consumption.”

ZA Tech CEO Bill Song added: “It is our honour to team up with PML, who presents a vision to insure Indonesians through digital solutions in the future. As we are creating synergy with PML, we are also transforming the insurance industry and building a digital future for the Indonesian customers together.”

The partnership, which is part of ZA Tech’s commitment to promoting financial inclusion in Southeast Asia, expands the firm’s presence in the region.

Last year, the firm formed a joint venture with BCP to offer easy and secure access to its insurtech capabilities and applications to insurance companies in Indonesia.