On June 18, ZA Tech announced the completion of a $35 million Series A financing and officially changed its name to Peak3. This round of financing was led by EQT, a large European private equity group, with JPMorgan as the exclusive financial advisor.

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

Established in six years, expanding its 'Friend Circle' of global clients to 12 countries.

Under the global digital wave, the insurance industry is undergoing a profound digital transformation. Since its establishment in 2018, Peak3 has proposed the vision of becoming the best partner for global insurance industry digital transformation.

At that time, international insurance technology was still considered a fragmented market dominated by traditional technologies. However, Peak3 broke through first and launched a unique cloud-native, modular, no-code/low-code digital solution, specifically including insurance core systems, distribution systems, customer data platforms (CDPs), and AI solutions, providing digital infrastructure support for all types of insurance business models, all insurance product lines (life insurance, health insurance, property and casualty insurance, etc.) and end-to-end insurance business value chain links.

Helping global leading insurance companies and platforms unleash the value of digital insurance and accelerate the launch of a new generation of innovative insurance products. During six years of development, Peak3 has cooperated with well-known insurance companies such as AIA, Zhong Yi Insurance, PRU, and Zurich based on its two core product solutions, Graphene and Fusion, to achieve insurance digitization.

For example, relying on Peak3's technology support, PayPay's insurance customers can buy insurance on the mini program anytime, anywhere, self-serve some common maintenance services, and apply for claims online in case of accidents. So far, the number of PayPay insurance policies has exceeded 5 million.

At present, Peak3 has established offices in 20 countries/regions including Tokyo, Thailand, Germany, Denmark, France, and Ireland, and set up an 'Asia Financial Technology Center' in Singapore to use technology to assist partners in reducing operating costs and improving production efficiency, and promoting inclusive finance to enhance user experience. Its international 'Friend Circle' of clients is constantly expanding.

Driven by AI, the value of insurance technology deepens.

At the same time as announcing progress in financing, ZA Tech changed its English name to Peak3. Peak3 CEO Song Xuanbi gave a special interpretation of the meaning of 'Peak3', "Peak3 not only symbolizes the three technology peaks of artificial intelligence, cloud computing, and big data, but also emphasizes the three core values ​​we provide to customers: the continuous innovation ability that leads the industry, outstanding and efficient operational management capabilities, and solid and reliable infrastructure support."

Song Xuanbi believes that after six years of continuous exploration and breakthroughs, Peak3 has evolved from a digital insurance solution provider to an international next-generation insurance full core solution provider. Hoping to use the three technology 'peaks' of artificial intelligence, cloud computing, and big data as the company's technical engine, to provide customers with better services and experiences. 'Peak3 is bound to climb higher and higher in the global insurance technology market.'

According to a global insurance research report, the premium income of the global insurance industry will reach 6.2 trillion euros by 2023, and the value of insurance technology is receiving unprecedented attention and release worldwide.

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 core role in the future. Advanced technologies such as artificial intelligence, cloud computing, and big data are gradually being integrated into various aspects of the insurance industry, providing insurance companies with more efficient, intelligent, and personalized services.

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

Escorting Chinese companies to go global and jointly develop international new markets.

This year marks the eleventh anniversary of the proposal of the Belt and Road Initiative. Chinese companies have moved from Southeast Asia to countries and regions along the Belt and Road, releasing their potential by seeking broader markets and more opportunities. How to use insurance technology to escort Chinese companies going overseas, ZhongAn International Technology has cooperated with partners to create a "sample."

In the global layout of Chinese companies such as Alibaba, TikTok, and DJI, ZhongAn International Technology participated deeply with its one-stop insurance solutions and became an indispensable partner for them. In May of this year, ZhongAn International Technology and DJI Innovations (Shenzhen) Co., Ltd. launched an agricultural drone loss insurance protection plan in Thailand. Based on the extensive cooperation network and solid insurance technology capabilities established by ZhongAn overseas, it can quickly assist DJI in the landing of the Thai project.

It is worth mentioning that the digital insurance technology capabilities and experience of ZhongAn International Technology in the Asia-Pacific region, Europe, the Middle East, and Africa are one of the key factors valued by the strategic investor, EQT Group.

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