The investment will enable Carro to leverage on ZA Tech’s insurtech solutions
Softbank-backed insurtech company ZA Tech has invested an undisclosed amount in used car marketplace Carro through a joint venture deal.
The deal will allow Singapore-founded Carro to tap on ZA Tech’s solutions for its clients including tailored insurance products and the real-time processing of claims with the help of artificial intelligence.
Carro will leverage ZA Tech's core platform, Fusion, which gives it access to a set of APIs (Application Programming Interfaces) and tools to manage administrative tasks, such as policy renewals and quote generation. The service is currently available in Singapore and Malaysia with selected insurers such as MSIG for the former and Allianz for the latter.
Both companies will also jointly develop generative AI technologies to educate customers on the insurance policies available.
“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,” says Carro co-founder and CEO Aaron Tan. “We truly want to power and transform the way consumers learn and buy insurance online.”
Carro was started by Tan, Aditya Lesmana, and Kelvin Chng in 2015. Headquartered in Singapore, the platform allows people to buy, sell and lease cars. It also has presence in Malaysia, Indonesia, Thailand, Japan and Taiwan.
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