Klook and ZA Tech Global Limited (“ZA Tech”), the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1, has announced a joint venture (JV) that will accelerate the availability and accessibility of travel-related insurance to consumers across the globe.
The agreement will synergize Klook’s global presence and hyper-localized go-to-market strategy, alongside ZA Tech’s experience in insurance innovation and technological know-how – ensuring global consumers will have seamless access to a broad selection of travel-related insurance policies at competitive prices.
- With this JV, insurers will be able to partner with Klook to feature their insurance products on one of the world’s leading travel and leisure platforms.
- The agreement will see Klook work closely with insurers to design products that address the pain points of consumers in this new normal.
- Klook will kickstart travel-related insurance products on its platform by the end of this year, with a focus on the Asia Pacific region.
- AXA and Chubb are the first two insurers partnering with Klook on the substantial product line
- ZA Tech will empower Klook’s platform by exporting its proprietary solution – Fusion, to create a seamless digital experience for travelers and the ecosystem partners.
- Klook will leverage ZA Tech’s customer insights to various markets to strengthen product innovation, customer engagement and increase insurance penetration.
“The pandemic has changed the way we travel, with customers demanding increased assurance when they travel once cross-border travel resumes,” said C.S. Soong, VP, Corporate Development at Klook. “We are excited about this milestone partnership with ZA Tech, as this is the first time any travel player will be rolling out a full suite of travel-related insurance on a multi-market level. With this, we can further simplify customers’ travel journey, enabling them to discover, book and purchase all they need during their travels from travel-related insurance to experiences.”
“Travel is a journey to explore and we want to make customers’ every step count with insurance protection. To that end, we are inspired to embed insurance in customers’ travel experience with ZA Tech’s insurtech innovation and enable the broader community to get insured,” said Young Yang, general manager of ZA Tech Southeast Asia.
Yang added: “A thousand miles begins with a single step and we are honored to embark on a significant journey with Klook, a dedicated enabler to empower a better travel experience. Combining ZA Tech’s cutting-edge solutions and Klook’s extensive market coverage, we are confident we can redefine customers’ travel experience by providing the right insurance product in the right place in a hassle-free way. More exciting developments are to come.”
The ongoing Covid-19 pandemic is expected to boost demand for travel insurance once travel restarts. The global market for travel insurance was estimated to be USD 21.5 billion in 2020 and is now projected to reach a size of USD 33.7 billion by 2027.