ZA Tech Forms Insurtech Joint Venture With Indonesian E-Wallet OVOby Fintech News Hong Kong December 23, 2020
ZA Tech, the technology venture founded by insurance company ZhongAn Online and backed by Softbank’s Vision Fund, announced that it has formed a joint venture with the holding company of e-wallet OVO, to offer Indonesian insurance companies easy and secure access to ZA Tech’s proprietary insurtech capabilities and applications.
Indonesia remains a highly underinsured market, with only 1.7% out of the over 265 million Indonesians currently covered by private insurance. It is also the fastest-growing market in ASEAN especially in the gig economy, with economic growth averaging over 5% in the past three years. Against this supportive backdrop, ZA Tech has decided to partner with OVO Group, which has collated rich user insights, to explore the massive untapped market in Indonesia.
Under this partnership, ZA Tech will provide know-how in insurance innovation and proprietary technology by offering well-defined platform-based solutions, which are built on the latest technology and capable of processing high volumes of data.
Bill Song, CEO of ZA Tech said,
“We believe that the synergy with OVO Group will allow us to grow together and improve the overall user experience in Indonesia. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare. We are confident that this tie-up with OVO Group will fast-track digital insurance adoption and enable easy, as well as, secure access to digital insurance services for the Indonesian people.”
“At OVO Group, we are continuously learning and striving to find new ways of accelerating digital transformation and driving financial inclusion. We are excited at the prospect of working with a global leader in insurtech who has experience in many partnerships. Through humble learning, we believe that together we can drive digital transformation in Indonesia for local insurance providers and thereby accelerate insurance adoption.”
said Jason Thompson, CEO of OVO Group
ZA Tech is the platform for ZhongAn Online to grow the international business by partnering with leading internet platforms and insurance companies in South East Asia, Japan and Europe and providing both technical solutions and professional services.
ZA Tech is devoted to digitally transform the insurance industry by partnering with multiple customer tech platforms to design and launch innovative insurance products, as well as providing the digital core system to insurers as the infrastructure for their digital distribution.