SINGAPORE, June 19, 2024 /PRNewswire/ -- ZA Tech, the
next-generation insurance core system SaaS provider, has rebranded
as Peak3. With the successful completion of its
US$35 million Series A fundraising
from EQT (lead investor) and Alpha JWC Ventures, Peak3 now
accelerates its expansion in the EMEA region and investments in
complementary data and AI solutions.
In a market dominated by fragmented legacy technology,
Peak3 has pioneered a cloud-native, modular insurance core
and distribution system that combines comprehensive capabilities
for life, health, and property and casualty (P&C) insurance.
Since its founding in 2018, Peak3 has become a trusted
technology partner to global insurers such as AIA, Generali,
Prudential, and Zurich for their
digital and traditional business. It has also partnered with
leading digital platforms such as Carro, Grab, Klook, and PayPay to
build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently
achieved key milestones underpinning the rebranding. These
transformative achievements include launching its first
multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer
data and big data platform for scaling analytics and AI
capabilities, and establishing its first technology centre in
Europe. The rebranding coincides
with another major milestone: Issuing over a billion insurance
policies on Peak3's systems – including the first policies
issued to North American customers and the first ones to be issued
in Africa.
"We have evolved from an embedded insurance pioneer in
Asia to a global end-to-end
technology partner for the insurance industry," said Bill Song, Peak3 Group CEO and
Co-Founder. "Our new name represents three pinnacles: scaling the
heights of innovation, surpassing performance limits, and
delivering superior reliability – as we help insurers reach the
highest summits of their cloud, data, and AI transformation."
Bill Song also
emphasised the growth opportunity: "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."
To accelerate its growth journey, Peak3 completed
its Series A fundraising and welcomed two new investors on its cap
table: EQT, a major global technology investor with a deep heritage
in Europe, and Alpha JWC Ventures,
a leading venture firm in Southeast
Asia. With the funding, Peak3 will advance its
analytics and AI capabilities toward an intelligent core insurance
solution, grow its EMEA operations and establish new system
integrator partnerships. Peak3 targets double-digit ARR
growth this year and is on the path to reach cashflow breakeven
over the coming quarters.
"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," stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3
for this Series A fundraising.
For media inquiries and interview requests, please contact
Carling Sia, Global Head of Branding and Marketing, at
carling.sia@peak3.com.
For more information on Peak3, please visit
www.peak3.com.
For more information on EQT, please visit www.eqtgroup.com.
For more information on Alpha JWC Ventures, please visit
www.alphajwc.com.
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