Klook to roll out travel insurance by leveraging ZA Tech's capabilities

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Klook has entered into a partnership with ZA Tech to establish a joint venture that will accelerate the availability and accessibility of travel-related insurance to consumers across the globe. With this joint venture, insurers will be able to feature their insurance products on Klook's platforms. Klook will also start travel-related insurance products on its platform by the end of this year with a focus on the Asia Pacific region, with AXA and Chubb being the first two insurers partnering with Klook on the substantial product line.

Through this partnership, ZA Tech will empower Klook’s platform by exporting its proprietary solution "Fusion" to create a digital experience for travellers and ecosystem partners. Klook will leverage ZA Tech’s customer insights to various markets to strengthen product innovation, customer engagement and increase insurance penetration too.

“The pandemic has changed the way we travel, with customers demanding increased assurance when they travel once cross-border travel resumes,” said C.S. Soong (pictured left), vice president, corporate development at Klook.

“We are excited about this milestone partnership with ZA Tech, as this is the first time that a travel player will be rolling out a full suite of travel-related insurance on a multi-market level. With this, we can further simplify customers’ travel journey, enabling them to discover, book and purchase all they need during their travels from travel-related insurance to experiences," Soong added.

According to research conducted by ResearchAndMarkets.com, the pandemic is expected to boost demand for travel insurance once travel restarts. The global market for travel insurance was estimated to be US$21.5 billion in 2020 and is now projected to reach a size of US$33.7 billion by 2027.

"Travel is a journey to explore and we want to make customers’ every step count with insurance protection. To that end, we are inspired to embed insurance in customers’ travel experience with ZA Tech’s insurtech innovation and enable the broader community to get insured," said Young Yang (pictured right), general manager of ZA Tech Southeast Asia.

He added, "Combining ZA Tech’s cutting-edge solutions and Klook’s extensive market coverage, we are confident we can redefine customers’ travel experience by providing the right insurance product in the right place in a hassle-free way."

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