ZA Tech, an international technology firm, has formed a joint venture with BCP to offer easy and secure access to its insurtech capabilities and applications to insurance companies in Indonesia.

ZA Tech was founded by ZhongAn Online P&C Insurance and is backed by Softbank’s Vision Fund 1, while BCP is the holding company of Indonesia’s e-wallet OVO (PT Visionet Internasional).

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The JV comes as ZA Tech intends to expand its footprint in the country with the launch of innovative and affordable insurance products.

According to ZA Tech, Indonesia is a highly underinsured market as only 1.7% out of more than 265 million people are currently being covered by private insurance.

Furthermore, Indonesia is considered to be the fastest-growing market in the ASEAN region, particularly in the gig economy, with the country experiencing economic growth at an average of over 5% in the last three years.

Under this partnership, ZA Tech will offer its expertise in insurance innovation and technology by providing platform-based solutions that are developed on the latest technology and capable of processing high volumes of data.

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ZA Tech CEO Bill Song said: “At ZA Tech, it is our aim to redefine the insurance value chain and the internet ecosystem through proprietary technology and fulfill consumers’ diverse needs with our comprehensive and innovative digital solutions. We believe that the synergy will allow us to grow together and improve the overall user experience in Indonesia.

Song continued: “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. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare. We are confident that this tie-up with OVO Group will fast-track digital insurance adoption and enable easy, as well as, secure access to digital insurance services for the Indonesian people.”

BCP president director Jason Thompson said: “At OVO Group, we are continuously learning and striving to find new ways of accelerating digital transformation and driving financial inclusion.

“We are excited at the prospect of working with a global leader in insurtech who has experience in many partnerships. Through humble learning, we believe that together we can drive digital transformation in Indonesia for local insurance providers and thereby accelerate insurance adoption. We are looking forward to collaborating with Bill Song and learning together with ZA Tech, towards achieving our collective vision of advancing financial inclusion.”