Southeast Asian e-commerce platform Lazada and insurance technology company Peak3 have launched a joint venture to provide digital insurance services in the region.
This initiative is Lazada‘s services include a variety of insurance products within its platform.
Through the Lazada app and website, customers can access insurance coverage and sellers are provided with business protection options.
The joint venture collaborates with insurance companies such as AIA, Astra, Income Insurance, MSIG and SOMPO to introduce a wide range of insurance products including general insurance, accident insurance, health insurance and life insurance.
The initial focus will be on built-in insurance products such as gadget protection and product liability coverage.
Marketplace options are also available for car insurance, accident insurance, travel insurance, and more.
Since its launch in August 2024, the partnership has introduced more than a dozen insurance products in six countries and issued more than 5 million policies, now averaging more than 70,000 policies issued per day. I’m doing it.
Peak3’s insurance orchestration platform will power this venture, integrating insurance operations with Lazada’s systems and enabling streamlined product launches.
The platform supports a variety of insurance products and uses real-time analytics to improve product offerings and enhance the customer experience.
This partnership aims to strengthen financial inclusion by making insurance more accessible and affordable.
Planned initiatives include split premiums and flexible payment options to reduce financial barriers for customers.
The companies are exploring further opportunities to expand their insurance services globally, including potential partnerships with other Alibaba international digital commerce businesses.
Bill Song, Peak3 Group CEO said:
“We are excited to partner deeply with Lazada in this venture and bring our technology and expertise from similar joint ventures with Grab, Klook and Carro.
Lazada has an incredible ecosystem and reach and is already seeing incredible market traction. ”
David Jenn, Head of Lazpay Products, Insurance and Digital Products at Lazada said:
“Peak3’s platform has really helped us deepen the functionality and offerings of our insurance products and provide a more holistic experience for our users.
In less than six months, we will be able to deploy more than a dozen seamless insurance propositions across six markets and execute more than 2 million policies every month. ”
Featured image credit: Edited from freepic
