Travel and leisure booking platform Klook and ZA Tech, the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1, announced a joint venture (JV) that will accelerate the availability and accessibility of travel-related insurance for consumers across the globe.
The agreement will synergise Klook’s global presence and hyper-localised go-to-market strategy, alongside ZA Tech’s experience in insurance innovation and technological know-how – ensuring global consumers will have seamless access to a broad selection of travel-related insurance policies at competitive prices.
With this JV, insurers will be able to partner with Klook to feature their insurance products on its travel and leisure platforms.
The agreement will see Klook work closely with insurers to design products that address the pain points of consumers in this new normal.
Klook will kickstart travel-related insurance products on its platform by the end of this year, with a focus on the Asia Pacific region.
AXA and Chubb are the first two insurers partnering with Klook to feature a substantial product line.
“We are excited about this milestone partnership with ZA Tech, as this is the first time any travel player will be rolling out a full suite of travel-related insurance on a multi market level.
With this, we can further simplify customers’ travel journey, enabling them to discover, book and purchase all they need during their travels from travel-related insurance to experiences.”
said C.S. Soong, VP, Corporate Development at Klook.
“We are inspired to embed insurance in customers’ travel experience with ZA Tech’s insurtech innovation and enable the broader community to get insured.
Combining ZA Tech’s cutting-edge solutions and Klook’s extensive market coverage, we are confident we can redefine customers’ travel experience by providing the right insurance product in the right place in a hassle-free way.”
said Young Yang, General Manager of ZA Tech Southeast Asia.
Featured image: (From left: Young Yang, General Manager of ZA Tech Southeast Asia, and C.S. Soong, VP, Corporate Development at Klook)
