AIA Group has announced a regional strategic digital technology partnership with ZA Tech, a tech venture founded by Chinese digital insurer ZhongAn. The initial focus will be Malaysia, where AIA General Bhd announced a new digital insurance plan sold through Shopee, an online shopping platform in South East Asia.
This partnership will see AIA leveraging ZA Tech’s expertise and their “Graphene System” to enable AIA to develop and distribute scenario-based digital products with greater speed. ZA Tech’ said that it will help AIA integrate with its digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities.
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.
“This offers tremendous potential for AIA to build long-term relationships with these customers and meet their evolving financial advice, protection and savings needs through our multi-channel distribution to help many more people live Healthier, Longer, Better Lives.”
Bill Song, CEO of ZA Tech, said
“We are delighted to partner with AIA, one of the leading insurers in the world, to address customers’ pain points through delivering scenario-based insurance products efficiently. With our experience in providing tailor-made insurtech offerings, 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.”
Featured image credit: edited from AIA