Softbank-backed insurtech company ZA Tech has made an undisclosed investment in Carro.
This investment was made through a joint venture deal. The partnership will enable Carro to leverage ZA Tech's solutions, including tailored insurance products and real-time processing of claims through AI.
Carro will also gain access to ZA Tech's core platform, Fusion, which provides a set of APIs and tools for managing administrative tasks such as policy renewals and quote generation. The joint venture will also work together to develop generative AI technologies to educate customers on insurance policies.
The service is currently available in Singapore and Malaysia with selected insurers such as MSIG and Allianz.
"This investment would help the company bring the best practices and technologies from ZA Tech to Southeast Asia and transform the way consumers learn and buy insurance online."
Aaron Tan, Co-founder and CEO of Carro
Founded in 2015 by Aaron Tan, Aditya Lesmana, and Kelvin Chng, Carro is headquartered in Singapore and provides a platform for individuals to buy, sell, and lease cars. The company has expanded its operations to other countries in Southeast Asia including Malaysia, Indonesia, and Thailand, as well as to Japan and Taiwan.