Lazada and Peak3 Join Forces to Revolutionize Southeast Asia’s Embedded Insurance Ecosystem
Lazada, the foremost eCommerce platform in Southeast Asia, has joined forces with Peak3, a renowned leader in InsurTech, to establish a groundbreaking joint venture (JV) designed to create an innovative digital and embedded insurance ecosystem in the region. This strategic collaboration aims to integrate cutting-edge insurance solutions directly into Lazada’s platform, effectively reaching its vast user base across six Southeast Asian countries.
Innovative Insurance Solutions for Southeast Asia
This partnership leverages Peak3’s advanced SaaS insurance orchestration platform, promising to deliver affordable and accessible insurance options for millions of customers and merchants. By utilizing Lazada’s extensive user base and merchant network, the JV intends to offer seamless and integrated insurance offerings.
Enhancing the Customer Experience
By embedding insurance solutions within Lazada’s digital environment, the collaboration aims to enhance convenience and affordability, making insurance more accessible to a broader audience. This venture allows Lazada to diversify its services, thereby enriching its value proposition for both users and sellers.
About Lazada and Peak3
Lazada stands as a leading eCommerce platform in Southeast Asia, boasting a diverse range of products from over a million active sellers and approximately 160 million active users. Conversely, Peak3 is a pioneering InsurTech firm that excels in developing advanced insurance technology solutions, especially through its SaaS-based insurance orchestration platform.
Insurance Offerings and Partnerships
This joint venture aims to harness the strengths of both companies to provide a comprehensive array of insurance products. Key collaborations with renowned local and global insurers, including AIA, Astra, Income Insurance, MSIG, and Sompo, will facilitate a variety of insurance options such as:
- Property and casualty insurance
- Health and life insurance
- Accident coverage
Progress and Future Goals
Since its launch in August 2024, the JV has gained significant momentum, rolling out over a dozen insurance propositions across six Southeast Asian markets, including Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia. The venture has already issued over 5 million policies, averaging more than 70,000 policies per day.
Innovating the Insurance Landscape
The core operations of this JV revolve around Peak3’s SaaS platform, which simplifies the deployment and integration of insurance products across multiple regions. Future plans include:
- Introducing fractionalized premiums
- Offering flexible payment options
- Utilizing AI-driven recommendations and intelligent claims assessments
Moreover, Peak3 and Lazada are exploring additional opportunities with Alibaba, Lazada’s parent company, to expand the reach of their embedded insurance offerings, potentially scaling globally.
Statements from Leadership
Bill Song, Group CEO of Peak3, expressed enthusiasm about the partnership, stating, “We are excited to deeply partner with Lazada on this venture, contributing our technology and expertise from similar joint ventures with prominent companies.” David Zheng, Lazpay Head of Product, echoed this sentiment by highlighting the JV’s potential to enhance user experience across multiple markets.
This collaboration marks a significant step towards innovating the digital insurance landscape in Southeast Asia, ensuring insurance solutions are accessible and beneficial for a wider audience.
