ZA Tech, OVO to launch new insurtech business in Indonesia

ZA Tech Global and the holding company of OVO Group have tied up to launch a new insurtech business in Indonesia, they said on Tuesday in a joint press statement.

ZA Tech is a technology venture founded by China's online-only insurance company ZhongAn Online P&C Insurance Co. It is also backed by Softbank's Vision Fund.

Meanwhile, payments platform OVO - which counts Grab and Tokopedia as its investors - is owned by Bumi Cakrawala Perkasa (BCP).

Both parties will offer Indonesian insurance companies access to ZA Tech's proprietary insurtech capabilities and applications. OVO will provide its collated user insights, while ZA Tech will provide know-how in insurance innovation and proprietary technology by offering platform-based solutions.

ZA Tech chief executive Bill Song said: "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."

BCP president director Jason Thompson said: "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."