ZA Tech, a next-gen insurance coverage core system SaaS supplier, has rebranded as Peak3 following a US$35 million Collection A fundraise led by EQT.
Peak3 provides a cloud-native, modular insurance coverage core and distribution system catering to life, well being, and property and casualty insurance coverage.
Since ZA Tech‘s institution in 2018, it has partnered with world insurers like AIA, Generali, Prudential, and Zurich, in addition to digital platforms akin to Carro, Seize, Klook, and PayPay to boost their embedded insurance coverage companies.
The rebranding follows the launch of its first multi-country, multi-tenant core modernisation in Europe, implementation of an built-in buyer information and large information platform, and the institution of its first expertise middle in Europe.
Moreover, Peak3 has issued over a billion insurance coverage insurance policies, together with its first in North America and Africa.
The Collection A funding will assist Peak3 advance its analytics and AI capabilities, develop its EMEA operations, and set up new system integrator partnerships.
This funding spherical, joined by Alpha JWC Ventures, will help Peak3’s growth within the EMEA area and its funding in information and AI options.
Peak3 goals for double-digit ARR progress and is on observe to realize money stream breakeven quickly.
“Now we have advanced from an embedded insurance coverage pioneer in Asia to a world end-to-end expertise accomplice for the insurance coverage business. There may be an unbelievable tech funding backlog within the US$7-trillion world insurance coverage business.
Continued digitalisation and the proliferation of AI would require structural investments by insurers over the subsequent decade to modernise their core techniques. We’re uniquely positioned to seize this chance by offering the tech core foundations and innovation use circumstances.”
mentioned Invoice Tune, Peak3 Group’s CEO and Co-Founder.
“Peak3 has additionally confirmed its functionality to ship greenfield digital insurance coverage initiatives and sophisticated multi-country core modernisation tasks in APAC and EMEA.
Because the lead investor, EQT is dedicated to empowering Peak3 in its go-to-market acceleration by leveraging our world community,”
mentioned Clara Ho, Associate at EQT.
Featured picture credit score: Edited from Freepik