Lazada & Peak3 launch new InsurTech Joint Venture in Southeast Asia
By Gloria Mathias
Lazada, Southeast Asia’s eCommerce platform, and Peak3, a global insurance technology company, have announced the launch of a joint venture (JV) to build a digital and embedded insurance ecosystem in Southeast Asia.
Building on Peak3’s SaaS insurance orchestration platform and in collaboration with insurers, the new JV is embedding innovative, convenient, and affordable insurance propositions into Lazada’s thriving local ecosystems, linking about 160 million active users to more than one million actively selling sellers every month.
“We are excited to deeply partner with Lazada on this venture, contributing our technology and expertise from similar joint ventures with Grab, Klook, and Carro. Lazada has an incredible ecosystem and reach, and we have already seen remarkable market traction,” shared Bill Song, Group CEO of Peak3.
Since its establishment in August 2024, the partnership has already rolled out a dozen insurance propositions across six countries: Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia. To date, over 5 million policies have been issued, averaging now over 70,000 policies per day.
“We’re honoured to be recognised as one of the leading InsurTech innovators globally. This acknowledgement underscores our commitment to enabling insurers and insurance intermediaries with future-ready cloud, data, and AI solutions, making insurance more accessible, relevant, and convenient. We’re excited to advance innovation to meet the industry’s evolving needs,” added Bill Song.
Key benefits of Peak3’s platform include:
- Rapid Multi-Country Deployment: Enabling new product launches in weeks through configuration, optimised for scalability and re-usability across countries.
- Comprehensive and Innovative Insurance Offerings: Supporting the full spectrum of insurance products, from microinsurance to traditional insurance, along with parametric propositions to offer enhanced flexibility and tailored coverage.
- Simplified API Integration: Streamlining insurer connectivity across core systems and providing seamless customer journeys and high performance during peak sales periods.
- Data-Driven Optimisation: Providing real-time analytics and A/B testing capabilities to enable data-driven optimisations of products and customer journeys.
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