Peak3 and Lazada Launch New Digital Insurance Joint Venture

Peak3, a global insurance technology leader, and Lazada, Southeast Asia’s leading eCommerce platform, have launched a joint venture (JV) to create the region’s leading digital and embedded insurance ecosystem.

Building on Peak3’s SaaS insurance orchestration platform, the JV aims to embed innovative, affordable insurance products into Lazada’s ecosystem, connecting 160 million active users to over one million sellers monthly.

Expanding Lazada’s ecosystem with insurance solutions

The partnership enhances Lazada’s offerings by integrating a diverse range of insurance products, allowing customers to obtain coverage through the Lazada app and merchants to safeguard their businesses. Collaborating with leading insurers, such as AIA, Astra, Income Insurance, MSIG, and Sompo, the JV provides property & casualty, accident & health, and life insurance.

Key offerings include embedded insurance for gadgets, electronics, and product liability, along with marketplace insurance options such as car, accident, and travel coverage.

Bill Song, Group CEO of Peak3, stated: “We are thrilled to partner with Lazada, leveraging our expertise from similar ventures with Grab, Klook, and Carro. The early market traction has been remarkable.”

Since its launch in August 2024, the JV has introduced over a dozen insurance products across six markets—Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia—issuing over five million policies and now averaging 70,000 policies daily.

One regional insurance orchestration tech platform

At the core of the JV is Peak3’s SaaS insurance orchestration platform, which streamlines operations across markets and enables seamless integration with Lazada’s ecosystem.

David Zheng, Lazpay Head of Product, Insurance and Digital Goods, commented: “Peak3’s platform has significantly enhanced our insurance offerings, driving greater synergies and operational efficiency. We are on track to exceed two million policies per month across six markets.”

Key benefits of the platform include:

• Rapid deployment: Launching products in weeks across multiple countries
• Comprehensive coverage: Offering micro-insurance to traditional products
• Seamless integration: Simplifying API connectivity for smooth customer journeys
• Data-driven optimisation: Leveraging real-time analytics to refine offerings
• Advancing financial inclusion and sustainability

The JV supports financial inclusion by making insurance more accessible and affordable. Upcoming initiatives include flexible premium payments and AI-driven services, such as intelligent claims assessments and customer support. Looking ahead, Peak3 and Lazada aim to enhance the customer experience further and explore additional opportunities with Alibaba International Digital Commerce businesses to expand their reach and innovation globally.