Southeast Asian used car marketplace Carro has secured funding from Singapore-based Insurtech firm ZA Tech Global for an undisclosed amount. The investment was made through a joint venture deal.
The investment will allow the car marketplace to tap into ZA Tech’s Insurtech solutions for its core platform of car insurance products. Carro will adopt the Insurtech firm’s platform for tasks such as policy renewals, quote generation, and e-policy notifications.
Both companies will also jointly develop generative artificial intelligence to educate customers on the insurance companies available. Besides car insurance, Carro stated that it plans to expand its portfolio to other offerings like property, life and health, and more in the future.
Named Fusion, this core platform will give Carro access to a set of application programming interfaces (APIs) to manage administrative tasks. The service is now available for Carro’s customers in Singapore and Malaysia, and leverages its insurance partners including Income, MSIG and DirectAsia for Singapore and Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia. Carro has said that it plans to expand to other insurers and markets within the next six months.
“This investment with ZA Tech allows us to adopt the best practices as well as technologies from ZA Tech and bring it across Southeast Asia. We truly want to power and transform the way consumers learn and buy insurance online,” Carro CEO and co-founder Aaron Tan said in a statement.
In another statement, ZA Tech Southeast Asia general manager Young Yang said that the firm is thrilled to work closely with a market leader to support their strategic ambitions and enable Carro to work with a wider set of insurance solutions to their customers and partners.
“Opportunities like this allow ZA Tech to keep pushing the boundaries of our technology, support our partner’s strategic ambition, while improving the overall quality of insurance products in the market,” Yang said.
In other Southeast Asian Insurtech happenings, region-based PolicyStreet has received the green light to operate in Australia by obtaining the Australian Financial Services License from the Australian Securities and Investments Commission.
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