Chinese insurtech firm expands reach in Southeast Asia
ZA Tech, the technology venture founded by ZhongAn Online P&C Insurance, announced on Thursday that it will work with PFI Mega Life, an Indonesian joint venture of American insurance giant Prudential Financial, to drive digital transformation of the insurance industry in the Southeast Asian country.
The cooperation is a result of both companies’ common goal of promoting inclusive finance in the area.
As part of the partnership, ZA Tech will help PFI Mega Life create a seamless digital experience for its customers and ecosystem partners by using its expertise and self-developed insurance system Graphene.
Through ZA Tech's component-based professional solutions, PFI Mega Life will be able to tailor real-time, affordable protection plans for its customers and ecosystem partners and the whole process will be reduced to seconds from several days, according to the announcement.
Graphene's fully distributed system architecture also allows PFI Mega Life to process tens of thousands of transactions per second.
Also, the two sides aim to launch new insurance products to better meet local customers' evolving needs and fill the protection gap.
Community Cover, the first product created by ZA Tech and PFI Mega Life, was unveiled early this month. The critical illness protection plan is available to Indonesians through Grab, a ride-hailing, food delivery and payment solutions platform.
Last December, ZA Tech formed a regional technology partnership with AIA Group, aiming to power the life insurance giant’s digital engagement in Malaysia.