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OVO and Za Tech form insurtech JV in Indonesia

External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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.

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ZA Tech, OVO to launch new insurtech business in Indonesia

ZA Tech, OVO to launch new insurtech business in Indonesia
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ZA Tech, OVO launch Indonesian insurtech business

Venture takes aim at country’s highly underinsured market 22 Dec 2020 | The Asset ZA Tech Global, the technology venture founded by ZhongAn Online P&C Insurance and backed by Softbank’s Vision Fund 1, has formed a joint venture with BCP, the holding company of Indonesia’s e-wallet OVO, to offer Indonesian insurance companies access to ZA Tech’s insurance technology (insurtech) applications and expand its footprint in Indonesia. 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, especially in the gig economy, with economic growth averaging over 5% in the past three years.

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