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OVO and Za Tech form insurtech JV in Indonesia
22 December 2020
Source: BCP
BCP, the holding company of Indonesia’s leading e-wallet OVO, and ZA Tech, a technology venture for overseas markets of ZhongAn Online P&C Insurance Co. Ltd., today announced a strategic insurtech JV to create an insurtech platform in Indonesia, towards fast-tracking digitalization of Indonesia’s insurance industry and improving financial inclusion.
Indonesia remains a highly underinsured market, with only 1.7% out of the over 265 million Indonesians currently covered by private insurance. It is also the fastest-growing market in ASEAN, with robust economic growth averaging over 5% in the past three years.