On June 18th, ZA Tech announced the completion of $35 million in Series A financing and officially renamed itself Peak3. This round of financing was led by EQT, a large European private equity firm, with JPMorgan serving as its exclusive financial advisor.

As a leading SaaS service provider for insurance core systems worldwide, Peak3 expressed that with this round of financing, the company will accelerate its expansion in EMEA (Europe, Middle East, Africa) region. At the same time, following the trend of AI-enabled insurance businesses, Peak3 will also accelerate its development in AI and big data, promoting the digitalization and intelligent development of the global insurance industry.

Please use your Peak3 account to access the feature.

Driven by the global trend of digitization, the insurance industry is undergoing a profound digital transformation. Since its establishment in 2018, Peak3 has put forward the vision of becoming the best partner for the global insurance industry's digital transformation.

At that time, international insurance technology was still considered a decentralized market dominated by traditional technology, but Peak3 was the first to break the pattern, launching unique cloud-native, modular, no-code/low-code digital solutions, including insurance core system, distribution system, customer data platform (CDP) and AI solutions, providing digital infrastructure support for various types of insurance business models, all insurance product lines (life insurance, health insurance, property and casualty insurance, etc.) and end-to-end business value chains.

During the six years of its development, based on its two core product solutions, Graphene and Fusion, Peak3 has cooperated with well-known insurance companies such as AIA, Chubb, Prudential, and Zurich to achieve cooperation in insurance digitalization. At the same time, it has also collaborated with internationally leading digital platforms such as Carro, Grab, Klook, and PayPay, continuously establishing and expanding its embedded insurance business.

Taking the cooperation with PayPay as an example, with the technical support of Peak3, PayPay insurance customers can buy insurance anytime, anywhere on the Mini Program, perform some common preservation services, and apply for claims online in case of accidents. So far, PayPay Insurance has surpassed 5 million policies.

At present, Peak3 has landed in 12 countries and regions worldwide, and its circle of international customers continues to expand. It established the "Asia Fintech Center" in Singapore, and has offices in 20 countries and regions such as Tokyo, Thailand, Germany, Denmark, France, and Ireland, using technology to drive cost reductions and improve production efficiency, promoting inclusive finance and improving user experience.

Driven by artificial intelligence, the value of insurance technology is deepening.

While announcing financing progress, ZA Tech renamed its English name from ZA Tech to Peak3. Peak3 CEO Song Xuanbi gave a special interpretation of the meaning of "Peak3": "Peak3 not only represents the three peaks of artificial intelligence, cloud computing and big data technology, but also emphasizes the three core values we provide to customers: leading the continuous innovation ability of the industry, outstanding and efficient operation management ability and stable and reliable infrastructure support."

Song Xuanbi believes that after six years of continuous exploration and breakthroughs, Peak3 has grown from a digital insurance solution provider to an international next-generation insurance core solution provider. He hopes to use the three technological peaks of artificial intelligence, cloud computing, and big data as the company's technology engine to provide customers with better services and experiences. "Peak3 will surely continue to climb to new heights in the global insurance technology market."

According to a global insurance research report, the premium income of the global insurance industry reached 6.2 trillion euros in 2023, and the value of insurance technology is getting unprecedented attention and release worldwide during the digital wave.

In the view of Song Xuanbi, this significant growth not only reflects the steady development of the insurance industry, but also indicates that insurance technology will play a more central role in the future. Advanced technologies such as artificial intelligence, cloud computing, and big data are gradually integrating into various links of the insurance industry, providing insurance companies with more efficient, intelligent, and personalized services.

ZhongAn International Technology will also seize new opportunities for the further release of the value of insurance technology in the era of artificial intelligence with its years of international layout and leading customer solution experience. The company plans to achieve double-digit growth in revenue in 2024 and strive to achieve a balance of profits and losses in the fourth quarter of the year.

Escort Chinese companies to go abroad and jointly open up new international markets.

This year is the 11th year since the proposal of the Belt and Road Initiative. Chinese companies have already walked from Southeast Asia to countries and regions along the Belt and Road to release their potential by seeking broader markets and more opportunities. How to use insurance technology to escort outbound enterprises, ZhongAn International Technology has joined hands with cooperative partners to create a "sample".

In the global layout of Chinese companies such as Alibaba, TikTok, and DJI, ZhongAn International Technology deeply participates with its one-stop insurance solutions and becomes an indispensable partner for them. In May of this year, ZhongAn International Technology and Shenzhen DJI Innovation Technology Co., Ltd. launched an agricultural drone damage insurance protection plan in Thailand, which can only achieve rapid assistance to DJI's landing in Thailand based on ZhongAn's wide-ranging cooperation network and solid insurance technology capabilities overseas.

It is worth mentioning that ZhongAn International Technology's digital insurance technology capabilities and experience in the Asia-Pacific region, Europe, the Middle East, and Africa are one of the key elements that strategic investor EQT values in this strategic investment.

In this round of Series A financing of ZhongAn International Technology, two new strategic investors- EQT Group and Alpha JWC Ventures were introduced. Among them, EQT Group is an old European institution focused on technology investment, and Alpha JWC Ventures is a leading venture capital company in Southeast Asia. Clara Ho, partner of EQT, said: "ZhongAn International Technology has accumulated a profound ability to provide international insurance technology solutions, and in the future, EQT will also use its existing global network to help it achieve better performance in development speed and financial indicators."