Chinese firm ZA Tech Global will help the Asia-focused insurer reach new customers and fill protection gaps through innovative insurance products and partners.
ZA Tech's platform will enable AIA to develop and distribute scenario-based digital products with greater speed and integrate with digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities.
The partnership's initial focus will be Malaysia. It will later be extended to other AIA markets and include digital life and health insurance, the company said on Wednesday in an announcement.
Mark Saunders, AIA Group chief strategy and corporate development officer, said the partnership with ZA Tech will help the firm accelerate its digital transformation. «As consumer behaviors evolve, the increasing demand for choice and convenience is driving greater use of digital platforms for day-to-day services,» he said.
Digital Partner
ZA Tech Global is the business entity established by ZhongAn Technologies International, the international arm of Chinese online insurer ZhongAn Online P&C Insurance.
It has partnered with three leading local Japanese insurance companies and internet platforms to launch usage-based and scenario-based insurance products in Japan. In Southeast Asia, it has formed a joint-venture company to explore the online insurance distribution sector and offer integrated insurance and finance solutions.
The company previously inked micro-insurance partnerships with Grab and NTUC Income in Singapore
