ZA Tech, a next-generation insurance core system SaaS provider, Peak 3 This follows a $35 million Series A funding round led by EQT.
Peak3 provides a cloud-native, modular insurance core and distribution system for life, health and general insurance.
Since ZA TechSince its launch in 2018, the company has strengthened its embedded insurance business by partnering with global insurance companies such as AIA, Generali, Prudential and Zurich, as well as digital platforms such as Carro, Grab, Klook and PayPay.
The rebranding follows the launch of Europe’s first multi-country, multi-tenant core modernisation, the implementation of an integrated customer data and big data platform and the establishment of Europe’s first Technology Centre.
Additionally, Peak3 has issued over 1 billion insurance policies, including firsts in North America and Africa.
The Series A funding will enable Peak3 to strengthen its analytics and AI capabilities, expand its EMEA operations, and establish partnerships with new systems integrators.
The funding round, which also saw participation from Alpha JWC Ventures, will support Peak3’s expansion in the EMEA region and investment in data and AI solutions.
Peak3 is targeting double-digit ARR growth and expects to reach cash flow breakeven soon.
Bill Song
“We have evolved from pioneers of embedded insurance in Asia to a global end-to-end technology partner for the insurance industry, with the USD 7 trillion global insurance industry having an incredible backlog of technology investments.
“Continued digitalization and the proliferation of AI will require insurers to make structural investments to modernize their core systems over the next decade. We are uniquely positioned to seize this opportunity by providing the core foundation of technology and use cases for innovation.”
“We are pleased to be working with NVIDIA to bring this technology to market,” said Bill Song, CEO and co-founder of Peak3 Group.
Clara Ho
“Peak3 has also demonstrated its capabilities in delivering greenfield digital insurance initiatives and complex multi-country core modernization projects across APAC and EMEA.
As lead investor, EQT is committed to leveraging our global network to help Peak3 accelerate its time to market.”
Clara Ho, Partner at EQT said:
Featured Image Credit: Free Pick
