ZA Tech Global, the technology venture founded by ZhongAn Online P&C Insurance and backed by Softbank’s Vision Fund 1, will form a regional technology partnership with AIA Group, the largest independent publicly listed Pan-Asian life insurance company, enabling digital endeavours in AIA to reach new customers and fill protection gaps through innovative insurance products and partners.
The initial focus will be Malaysia, where ZA Tech will leverage its IT know-how and “Graphene System”, its proprietary system, to enable AIA in developing and distributing scenario-based digital products with greater speed. ZA Tech’s Graphene System will help AIA integrate with its digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities.
With the synergy created by the partnership, AIA will be well placed to accelerate new customer acquisition and cover a new range of customer needs in Malaysia, where it already has a leading market position.
After launching in Malaysia, AIA and ZA Tech plan to extend the partnership across other AIA markets and will include digital life and health insurance.
Mr Mark Saunders, AIA Group chief strategy and corporate development officer, said, “A step change in Technology, Digital and Analytics is at the heart of our growth strategy and our new partnership with ZA Tech will help us to accelerate our digital transformation. As consumer behaviours evolve, the increasing demand for choice and convenience is driving greater use of digital platforms for day-to-day services.
“AIA is connected to an expanding network of the best digital partners, allowing access to hundreds of millions of highly engaged and active users. Our agreement with ZA Tech is a significant step forward in enhancing our ability to connect with our existing and new partners, enabling us to build compelling new digital solutions faster, and create innovative ways of attracting new customers.”
Since its launch in 2018, ZA Tech has become a holistic partner for insurers and internet companies which seek to digitalise the ecosystem of insurance and financial industries. It has partnered with three leading Japanese insurance companies and Internet platforms to launch usage-based and scenario-based insurance products in Japan. In Southeast Asia, it has formed a joint venture company with a leading O2O platform, to explore the online insurance distribution sector and to offer integrated insurance and finance solutions. In addition, it collaborated with a local digital insurer to innovate microinsurance products in Singapore.