ZA Tech Global, a leading InsureTech player headquartered in Singapore, has signed an investment and Joint Venture Agreement with Carro, Southeast Asia’s largest used car marketplace. This will transform and streamline the online insurance distribution and claims process for customers and insurers alike, allowing Carro to fill in the gaps in the automotive sector through innovative tech powered by generative AI tools such as ChatGPT.
Auto insurance is mandatory in most Southeast Asian regions, including Singapore, Malaysia and Thailand. Yet the process of buying insurance and making claims remain frustrating for many. By leveraging ZA Tech’s core platform, Fusion, Carro will be able to tap into a rich set of APIs and tools to manage administrative tasks, such as quote generation, policy renewals and e-policy notifications. Fusion will also enable Carro to easily embed and control insurance journeys for customers.
This journey is now available for Carro in Singapore and Malaysia. Insurers include Income, MSIG and DirectAsia for Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia.
Being a regional online-first platform, Carro is well-suited to help transform auto insurance across Southeast Asia. The group will also co-develop cutting-edge generative AI technologies to better educate customers on the various policies available, thereby helping them make faster, but more informed online insurance purchase decisions.
With an initial focus on auto insurance, there is a roadmap to extend the product portfolio offerings to include property, life and health insurance in the future.
Young Yang, General Manager of ZA Tech Southeast Asia says “We are thrilled to have the opportunity to work closely with a market leader to support their strategic ambitions and enable them to offer a wider set of insurance solutions to their customers and partners. Opportunities like this allow ZA Tech to keep pushing the boundaries of our technology, support our partner’s strategic ambition, while improving the overall quality of insurance products in the market.”
Carro’s CEO and co-founder Aaron Tan says, “This investment with ZA Tech allows us to adopt the best practices as well as technologies from ZA Tech and bring it across Southeast Asia. We truly want to power and transform the way consumers learn and buy insurance online.”