ZA Tech, the insurance core system SaaS provider, has rebranded as Peak3 and has raised a $35 mn in Series A funding led by EQT and Alpha JWC Ventures.
With the funding, Peak3 will accelerate its expansion in the EMEA region and investments in complementary data and AI solutions.
Peak3 plans to enhance its analytics and AI for a smart insurance solution, expand its EMEA operations, and form new system integrator partnerships. Peak3 aims for double-digit ARR growth this year and expects to achieve cashflow breakeven in the next few quarters.
Peak3 has established itself as a reliable technology partner for global insurers like AIA, Generali, Prudential, and Zurich. It also collaborates with major digital platforms such as Carro, Grab, Klook, and PayPay to develop and expand their embedded insurance businesses.
Beyond successful fundraising, Peak3 has recently achieved significant milestones supporting its rebranding efforts.
These include launching a multi-country, multi-tenant core modernization in Europe, implementing an integrated customer data and big data platform to enhance analytics and AI capabilities, and opening its first technology center in Europe.
The rebranding also marks another major achievement: issuing over a billion insurance policies through Peak3’s systems, including the first policies for North American and African customers.
There is an incredible tech investment backlog in the $7 trln global insurance industry. We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry
Bill Song, Peak3 Group CEO and Co-Founder
“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,” said Bill Song.
In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance.
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.
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia.
Peak3 has proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA
Clara Ho, Partner at EQT
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
Founded by insurance, digital and technology experts, Peak3 powers the digital operating system of the global insurance industry.
We combine insurance core, distribution, and AI solutions to deliver a step change in performance for insurers, MGAs, and insurance intermediaries.
From greenfield embedded insurance ventures to digital-first, multi-country core modernization programs, our cloud-native software-as-a-service solutions power top customers across life, health, and P&C insurance.
by Peter Sonner
