Southeast Asian used car marketplace Carro announced that it has secured an investment from Singapore-based insurtech company ZA Tech Global for an undisclosed sum.

The investment enables Carro to leverage ZA Tech’s suite of insurtech solutions to distribute personalised insurance products and process real-time claims backed by AI capabilities.

This offering is now available for Carro’s customers in Singapore and Malaysia. Insurers include Income, MSIG and DirectAsia for Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia.

Carro said that it plans to expand to other insurers and markets within the next 6 months.

With an initial focus on auto insurance, Carro aims to expand its product portfolio offerings to include property, life and health insurance in the future.

Young Yang, General Manager of ZA Tech Southeast Asia said,

“We are thrilled to have the opportunity to work closely with a market leader to support their strategic ambitions and enable them to offer a wider set of insurance solutions to their customers and partners.

 

Opportunities like this allow ZA Tech to keep pushing the boundaries of our technology, support our partner’s strategic ambition, while improving the overall quality of insurance products in the market.”

Aaron Tan, CEO and Co-founder of Carro said,

“This investment with ZA Tech allows us to adopt the best practices as well as technologies from ZA Tech and bring it across Southeast Asia.

 

We truly want to power and transform the way consumers learn and buy insurance online.”