ZA Tech, the next-generation insurance core system SaaS provider, has announced its rebrand as Peak3 and the successful completion of its $35mn Series A fundraising that will accelerate its expansion in the EMEA region.
Founded in 2018, Peak3 has developed cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance.
Its digital and traditional business has made it a “trusted technology partner” for global insurers such as AIA, Generali, Prudential, and Zurich.
Besides the successful fundraising, led by EQT and Alpha JWC Ventures, Peak3 has recently achieved key milestones underpinning the rebranding.
The 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, the firm highlighted.
“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.
He continued: “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.”
Song highlighted the tech investment backlog in the global insurance industry, and stated: “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.”
Peak3 aims to use the new funds to advance its analytics and artificial intelligence (AI) capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships.
According to the firm, 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 technology investor EQT.
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