Seize is Southeast Asia’s prime ride-hailing agency, thanks in no small half to its acquisition of Uber’s native enterprise final yr, however the firm additionally homes an bold fintech arm, too. That simply added one other vertical to its enterprise after Seize introduced it’s teaming up with China’s ZhongAn to introduce insurance coverage.
Seize and ZhongAn Worldwide, the worldwide arm of the Chinese language insurance coverage large, stated at this time they’ll create a three way partnership that can present digital insurance coverage providers throughout Southeast Asia. Seize stated the brand new enterprise will companion with insurance coverage corporations to supply the providers through its cellular app. Chubb — an organization that already works with Seize to supply micro-loans to its drivers — is the primary companion to commit, it’ll supply insurance coverage for Seize drivers beginning in Singapore.
ZhongAn is widely-lauded for being China’s first digital-only insurance coverage platform. It’s backed by conventional insurance coverage large PingAn and Chinese language web giants Tencent and Alibaba.
Seize’s transfer into digital insurance coverage comes a day after Singapore Life, an internet insurer in Singapore, closed the second a part of a $33 million funding spherical aimed toward increasing its enterprise in Southeast Asia.
This ZhongAn partnership provides one other layer to Seize’s providers and fintech enterprise, which already consists of funds — each offline and on-line — and is scheduled to maneuver into cross-border remittance and on-line healthcare, the latter being a cope with ZhongAn sibling PingAn Good Physician.
The push can be a part of a wider technique from Seize, which was final valued at over $11 billion and is aiming to show its app from merely ride-hailing to an on a regular basis wants app, within the fashion of Chinese language ‘tremendous apps’ like Meituan and WeChat.
Certainly, Seize President Ming Ma referenced that very bold calling the insurance coverage merchandise “a part of our dedication to turning into the main on a regular basis tremendous app within the area.”
Final summer time, Seize opened its platform to third-parties which may lean on its appreciable userbase — presently at 130 million downloads — to achieve shoppers in Southeast Asia, the place the fast-growing ‘digital financial system’ is tipped to triple to achieve $240 billion by 2025. Seize’s platform has welcomed providers like e-grocer HappyFresh, offers from journey large Reserving and extra.
Seize has additionally made efforts to develop the native ecosystem with its personal accelerator program — referred to as ‘Velocity’ — which, quite than offering fairness, helps younger corporations to leverage its platform. It has additionally made investments, together with a cope with finances lodge model OYO in India, a fellow SoftBank portfolio firm that has designs on enlargement in Southeast Asia.
Seize itself operates throughout eight markets in Southeast Asia, the place it claims to have accomplished greater than two billion rides up to now. The corporate is presently elevating an enormous Collection H fund which has already handed $three billion in capital raised however has a loftier purpose of reaching $5 billion, as we reported not too long ago.
Go-Jek, Seize’s chief rival, is increasing its enterprise outdoors of Indonesia after launching in Vietnam, Thailand and Vietnam. Like Seize, it, too, presents providers past ride-hailing and the corporate — which is backed by the likes of Meituan, Google and Tencent — is near finalizing a brand new $2 billion funding spherical for its battle with Seize.