ZA Tech and BCP launch joint venture to boost InsurTech offering in Indonesia

By Megha Bhattacharya

International technology firm ZA Tech has announced a joint venture with BCP in a bid to launch access to its InsurTech capabilities and applications to insurance companies in Indonesia. Za Tech, with the collaboration, aims to expand its footprint in Indonesia and roll out affordable insurance products. It was founded by ZhongAn Online P&C Insurance and is backed by Softbank’s Vision Fund 1, while BCP is the holding company of Indonesia’s e-wallet OVO (PT Visionet Internasional).

ZA Tech’s CEO Bill Song said, “At ZA Tech, it is our aim to redefine the insurance value chain and the internet ecosystem through proprietary technology and fulfill consumers’ diverse needs with our comprehensive and innovative digital solutions. We believe that the synergy will allow us to grow together and improve the overall user experience in Indonesia.

Song continued, “The low awareness of the benefits and role of insurance as a tool for protection, savings and wealth creation in Indonesia is something we seek to address. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare. We are confident that this tie-up with OVO Group will fast-track digital insurance adoption and enable easy, as well as, secure access to digital insurance services for the Indonesian people.”

According to the companies, the partnership will see ZA Tech offer its insurance expertise with the provision of platform-based solutions. The companies will act as a technology enabler for the Indonesian insurance market, supporting insurance companies to digitise their products and by automating cumbersome back-end processes and fractionalizing premiums, enabling them to offer digital insurance products faster and more affordably towards accelerating the digital transformation of the entire Indonesian insurance industry.

BCP president director Jason Thompson said, “At OVO Group, we are continuously learning and striving to find new ways of accelerating digital transformation and driving financial inclusion. We are excited at the prospect of working with a global leader in insurtech who has experience in many partnerships. Through humble learning, we believe that together we can drive digital transformation in Indonesia for local insurance providers and thereby accelerate insurance adoption. We are looking forward to collaborating with Bill Song and learning together with ZA Tech, towards achieving our collective vision of advancing financial inclusion.”