Singapore-based insurtech Peak3 has launched a joint venture (JV) with e-commerce platform Lazada to support a digital insurance ecosystem in Southeast Asia.

This collaboration aims to bring “innovative” insurance solutions to Lazada’s user network, connecting approximately 160 million active users with more than one million monthly sellers.

The JV marks an extension of Lazada’s offering, integrating a variety of insurance products into its ecosystem.

Customers can now access insurance coverage through the Lazada app and website, while sellers receive personalized insurance to protect their businesses.

Working with insurers such as AIA, Astra, Income Insurance, MSIG and Sompo, the venture between Peak3 and Lazada aims to offer a wide range of insurance covering property and casualty, accident and health and life insurance.

The initial focus is on integrated insurance such as gadget and electronics protection and product liability protection.

Peak3 Group CEO Bill Song said: “We are delighted to deeply partner with Lazada in this venture, bringing our technology and expertise from similar joint ventures with Grab, Klook and Carro. Lazada has an ecosystem and incredible reach, and we’ve already seen remarkable market traction.”

Since its establishment in August 2024, the association has launched numerous insurance propositions in six countries, including Malaysia, Singapore and the Philippines, in addition to Vietnam, Thailand and Indonesia.

At the heart of the new JV is Peak3’s SaaS insurance orchestration platform, which enables rapid deployment of new products and unifies insurance operations across multiple product lines.

It also facilitates easy integration with the Lazada ecosystem and insurers.

Upcoming initiatives include fractional premium insurance and flexible payment options, making essential protection more accessible and affordable.

Future plans include improving Lazada’s insurance ecosystem and customer journey, as well as leveraging Peak3’s advanced technologies such as AI-based product recommendation and intelligent claim assessments.

In addition, Peak3 and Alibaba, Lazada’s parent company, are exploring further opportunities with Alibaba’s international digital commerce businesses to drive global innovation and improve insurance accessibility.

In October 2024, drone manufacturer DJI and Peak3 he joined to expand his agriculture Drone insurance program in Thailand.

This alliance will help provide drone helmet insurance and third-party liability insurance for the purchase of agricultural drones.

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