Hong Kong-based travel and leisure booking platform Klook has signed a joint venture agreement with insurtech company ZA Tech.
The joint venture will enable Klook’s existing digital platforms to feature travel-related insurance products from a range of insurers, through the integration of proprietary ZA Tech technology.
The new functionality is expected to be rolled out by the end of the year with a focus on the Asia Pacific region. Insurance providers AXA and Chubb will be the first two insurers partnering with Klook to provide product lines for the service.
“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,” said Young Yang, General Manager of ZA Tech Southeast Asia.
Demand for insurance rises as customers need reassurance
The move comes in response to forecast demand growth for travel insurance post-pandemic. One study by Global Market Insights predicted that the global travel insurance market could be worth as much as US$35 billion by 2027.
“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, Vice President of 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.”