ZA Tech, OVO to launch new insurtech business in Indonesia

ZA Tech Global and the holding company of OVO Group have tied up to launch a new insurtech business in Indonesia, they said on Tuesday in a joint press statement.

ZA Tech is a technology venture founded by China's online-only insurance company ZhongAn Online P&C Insurance Co. It is also backed by Softbank's Vision Fund. Meanwhile, payments platform OVO - which counts Grab and Tokopedia as its investors - is owned by Bumi Cakrawala Perkasa . Both parties will offer Indonesian insurance companies access to ZA Tech's proprietary insurtech capabilities and applications. OVO will provide its collated user insights, while ZA Tech will provide know-how in insurance innovation and proprietary technology by offering platform-based solutions.

ZA Tech chief executive Bill Song said:"The low awareness of the benefits and role of insurance as a tool for protection, savings and wealth creation in Indonesia is something we seek to address.

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