ZA Tech, a next-gen insurance core system SaaS provider, has rebranded as Peak3 following a US$35 million Series A fundraise led by EQT.
Peak3 offers a cloud-native, modular insurance core and distribution system catering to life, health, and property and casualty insurance.
Since ZA Tech‘s establishment in 2018, it has partnered with global insurers like AIA, Generali, Prudential, and Zurich, as well as digital platforms such as Carro, Grab, Klook, and PayPay to enhance their embedded insurance businesses.
The rebranding follows the launch of its first multi-country, multi-tenant core modernisation in Europe, implementation of an integrated customer data and big data platform, and the establishment of its first technology center in Europe.
Additionally, Peak3 has issued over a billion insurance policies, including its first in North America and Africa.
The Series A funding will help Peak3 advance its analytics and AI capabilities, expand its EMEA operations, and establish new system integrator partnerships.
This funding round, joined by Alpha JWC Ventures, will support Peak3’s expansion in the EMEA region and its investment in data and AI solutions.
Peak3 aims for double-digit ARR growth and is on track to achieve cash flow breakeven soon.
Bill Song
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry. There is an incredible tech investment backlog in the US$7-trillion global insurance industry.
Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.”
said Bill Song, Peak3 Group’s CEO and Co-Founder.
Clara Ho
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA.
As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,”
said Clara Ho, Partner at EQT.
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/97537/insurtech/za-tech-peak3-series-a-funding/
