Ian Lee (second from left), general manager for Asia Pacific at Peak3, on stage at Insurtech Connect in Singapore / Image credit: Peak3
Insuretech firm ZA Tech has rebranded as Peak3 following a fresh US$35 million fundraise. EQT and Alpha JWC Ventures invested in the series A round.
While ZA Tech was first established as a joint venture between ZhongAn and SoftBank Vision Fund, a Peak3 spokesperson tells Tech in Asia that the company is no longer associated with SoftBank.
Since then, Peak3 has “evolved from an embedded insurance pioneer in Asia to a global end-to-end tech partner for the insurance industry,” Bill Song, the company’s group CEO and co-founder, said in a statement. This includes everything from helping companies craft new insurance products to processing claims.
With the funds, Peak3 will invest further in its data and AI capabilities as well as expand in Europe and the Middle East and Africa (EMEA).
The company has partnered with industry leaders like AIA, Astra, Prudential, and Zurich as well as startups like Grab, Home Credit, Klook, and Ovo to boost their embedded insurance processes. Peak3 said it has issued over a billion policies to date, including its first products in North America and Africa.
See also: Are Asia’s insurtech players pouring new wine into old wineskins?
Editing by Putra Muskita and Eileen C. Ang
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