Singapore – Lazada, an international e-commerce company, has recently partnered with insurtech firm Peak3 to establish a joint venture aimed at developing Southeast Asia’s digital and embedded insurance ecosystem.
Using Peak3’s SaaS insurance orchestration platform and collaborating with top insurers, the alliance introduces accessible, innovative, and cost-effective insurance solutions to Lazada’s extensive ecosystem, which serves 160 million active users and over one million sellers every month.
Said joint venture also enhances Lazada’s service capabilities by integrating diverse insurance options into its ecosystem. With this, customers can now seamlessly obtain insurance coverage through the Lazada app and website, while merchants benefit from tailored protections to safeguard their businesses.
Furthermore, partnerships with leading insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo allow partner companies to provide an extensive selection of insurance offerings, including property & casualty, accident & health, and life insurance.
The first phase emphasises embedded insurance solutions, like gadget protection and product liability coverage, to protect customers and their goods. Additional marketplace options, such as car, travel, and accident insurance, ensure comprehensive coverage for daily activities.
Key benefits of Peak3’s platform further include rapid multi-country deployment, comprehensive and innovative insurance offerings, simplified API integration, and data-driven optimisation.
Speaking about the initiative, Bill Song, Group CEO at Peak3, stated, “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.”
David Zheng, Lazpay head of product, insurance, and digital goods at Lazada, further commented, “Peak3’s platform has truly helped us deepen our capabilities and offerings for insurance products to offer a more holistic experience for our users. In less than half a year, we will be live across six markets with over a dozen seamless insurance propositions and a run rate of over two million policies per month.”
“This partnership will allow us to achieve greater synergies and operational efficiencies, with the products and corresponding services managed centrally on one platform,” shared Zheng.
By prioritising financial inclusion and sustainability, the new joint venture also demonstrates said companies commitment to digital-first and embedded insurance.
In particular, the partnership increases insurance accessibility and affordability for underserved populations, with upcoming innovations like fractionalised premiums and flexible payments helping customers secure vital coverage more easily.
