Lazada, a Southeast Asian e-commerce platform, and insurance technology firm Peak3 have launched a joint venture to offer digital insurance services in the region.
This initiative marks an expansion of Lazada‘s services to include various insurance products within its platform.
Through the Lazada app and website, customers can access insurance coverage, while merchants are provided with business protection options.
The joint venture is working with insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo to introduce a range of insurance offerings, including property & casualty, accident and health, and life insurance.
The initial focus is on embedded insurance products like gadget protection and product liability coverage.
Marketplace options, including car, accident, and travel insurance, are also available.
Since its launch in August 2024, the collaboration has introduced a dozen insurance products across six countries, issuing over 5 million policies and currently averaging more than 70,000 policies per day.
Peak3’s insurance orchestration platform underpins the 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 refine product offerings and improve customer experiences.
The partnership aims to enhance financial inclusion by making insurance more accessible and affordable.
Planned initiatives include fractionalised premiums and flexible payment options to help reduce financial barriers for customers.
Both companies are exploring further opportunities to expand their insurance offerings globally, including potential collaborations with other Alibaba International Digital Commerce businesses.
Bill Song, Group CEO of Peak3, 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.”
David Zheng, Lazpay Head of Product, Insurance and Digital Goods, at Lazada, said,
“Peak3’s platform has truly helped us deepen our capabilities and offerings for insurance products to offer a more holistic experience for our users.
In less than half a year, we will be live across six markets with over a dozen seamless insurance propositions and a run rate of over two million policies per month.”
Featured image credit: Edited from Freepik
