Prague | Hong Kong, May 5, 2023: Home Credit, the international consumer finance provider with operations across Europe and Asia, today announced a first-of-its-kind Insurance Value Added Services (VAS) partnership with Insurtech company, ZA Tech, which marks an expansion of its customer value proposition.
The partnership will enable Home Credit to further meet customer demand and adds a broader suite of insurance options for its customers in Asia, starting with the Vietnam market. Slated to launch in June 2023, the partnership venture represents a critical step towards addressing the insurance gap in Asia and providing access to the underinsured in developing markets.
To address the low digital insurance penetration rate in the region, Home Credit customers will be able to buy insurance products, leveraging ZA tech’s insurance distribution technology.
“As the region emerges from the worst of the pandemic, there is a growing realisation among many of our customers that they lack adequate levels of insurance protection. Our strong track record in developing seamless digital services combined with ZA Tech’s longstanding expertise in delivering innovative Insurtech solutions represents a compelling offer to our customers. I am excited to see how our cooperation will disrupt the insurance sector in Vietnam and Asia more broadly,” said Frederic Tardy, Group Chief Customer and Strategy Officer at Home Credit.
Bill Song, CEO of ZA Tech, said, “we will work hard to bolster Home Credit’s exciting insurance journey in Asia and most importantly deliver meaningful insurance products to Home Credit’s customers, further closing the insurance protection gap. Through our vast experience in partnering with ecosystem players across multiple industry verticals, we are certain this partnership will be a triple win (for ZA Tech, Home Credit and insurers in the region).”
The partnership will enable Home Credit to offer innovative products such as new and used mobile phone cover, extended warranty (EW) and accidental damage and liquid damage (ADLD), which are new types of cover for the Vietnamese market. ZA Tech will source insurance and third party partners to supply the products.
Specific areas of partnership work between the two companies includes the delivery of Value Added Service solutions that are easy to understand, access and maintain. There will be an emphasis placed on delivering a customer centric experience.
ZA Tech provides state-of-the-art, cloud-native and secure digital insurance distribution technology. It provides highly scalable microservices and can issue thousands of policies per minute. In addition, ZA Tech will also provide offline capability to Home Credit’s Value-Added Services.