ZA Tech Global, the technology venture founded by ZhongAn Online P&C Insurance Co., and backed by Softbank’s Vision Fund 1, will form a regional technology partnership with AIA Group, the largest independent publicly listed Pan-Asian life insurance company, enabling digital endeavors in AIA to reach new customers and fill protection gaps through innovative insurance products and partners.
The initial focus will be Malaysia, where ZA Tech will leverage its technology know-how and its proprietary “Graphene System” to enable AIA in developing and distributing scenario-based digital products with greater speed.
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Graphene will help AIA integrate with its digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities, said Bill Song, CEO of ZA Tech.
The partnership is also a way to help ZA Tech expand regionally, given AIA operates in 18 markets. “ZA Tech is well positioned to embark on a new partnership journey with AIA as we seek to secure a stronger foothold in Pan-Asia,” Song said.
AIA will be well placed to accelerate new customer acquisition and cover a new range of customer needs in Malaysia, where it already has a leading market position. After launching in Malaysia, AIA and ZA Tech plan to extend the partnership across other AIA markets and will include digital life and health insurance.
Mark Saunders, AIA group chief strategy and corporate development officer, said, “Our agreement with ZA Tech is a significant step forward in enhancing our ability to connect with our existing and new partners, enabling us to build compelling new digital solutions faster, and create innovative ways of attracting new customers.”