Travel

Klook and ZA Tech Enter Partnership in Multiple Markets, Cements Commitment to Innovate Insurance in Travel

Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without luggage, and can be one way or round trip.[1] Travel can also include relatively short stays between successive movements, as in the case of tourism.
The origin of the word “travel” is most likely lost to history. The term “travel” may originate from the Old French word travail, which means ‘work’.[2] According to the Merriam Webster dictionary, the first known use of the word travel was in the 14th century. It also states that the word comes from Middle English travailen, travelen (which means to torment, labor, strive, journey) and earlier from Old French travailler (which means to work strenuously, toil).

In English, people still occasionally use the words travail, which means struggle. According to Simon Winchester in his book The Best Travelers’ Tales (2004), the words travel and travail both share an even more ancient root: a Roman instrument of torture called the tripalium (in Latin it means “three stakes”, as in to impale). This link may reflect the extreme difficulty of travel in ancient times. Travel in modern times may or may not be much easier depending upon the destination. Travel to Mount Everest, the Amazon rainforest, extreme tourism, and adventure travel are more difficult forms of travel. Travel can also be more difficult depending on the method of travel, such as by bus, cruise ship, or even by bullock cart.[3]

  • A first of its kind partnership in the travel industry, Klook and ZA Tech will embed a full range of travel-related insurance products across multiple markets.
  • The joint venture will see both companies integrating their operational and tech expertise, as well as marketing capabilities.
  • Beginning with nine of Klook’s markets, the partnership will enable global consumers to purchase digital travel insurance products seamlessly.

SINGAPORE, Nov. 23, 2021 /PRNewswire/ — Klook, a world-leading travel and leisure booking platform and ZA Tech Global Limited (“ZA Tech”), the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1, today announced a joint venture (JV) that will accelerate the availability and accessibility of travel-related insurance to consumers across the globe. 

Klook and ZA Tech Enter Partnership in Multiple Markets (From left: Young Yang, General Manager of ZA Tech Southeast Asia, and C.S. Soong, VP, Corporate Development at Klook)
Klook and ZA Tech Enter Partnership in Multiple Markets (From left: Young Yang, General Manager of ZA Tech Southeast Asia, and C.S. Soong, VP, Corporate Development at Klook)

The agreement will synergize Klook’s global presence and hyper-localized go-to-market strategy, alongside ZA Tech’s experience in insurance innovation and technological know-how – ensuring global consumers will have seamless access to a broad selection of travel-related insurance policies at competitive prices.

  • With this JV, insurers will be able to partner with Klook to feature their insurance products on one of the world’s leading travel and leisure platforms.
  • The agreement will see Klook work closely with insurers to design products that address the pain points of consumers in this new normal.
  • Klook will kickstart travel-related insurance products on its platform by the end of this year, with a focus on the Asia Pacific region.

– AXA and Chubb are the first two insurers partnering with Klook on the substantial product line

  • ZA Tech will empower Klook’s platform by exporting its proprietary solution – Fusion, to create a seamless digital experience for travelers and the ecosystem partners.
  • Klook will leverage ZA Tech’s customer insights to various markets to strengthen product innovation, customer engagement and increase insurance penetration.

“The pandemic has changed the way we travel, with customers demanding increased assurance when they travel once cross-border travel resumes,” said C.S. Soong, VP, Corporate Development at Klook. “We are excited about this milestone partnership with ZA Tech, as this is the first time any travel player will be rolling out a full suite of travel-related insurance on a multi-market level. With this, we can further simplify customers’ travel journey, enabling them to discover, book and purchase all they need during their travels from travel-related insurance to experiences.”

“Travel is a journey to explore and we want to make customers’ every step count with insurance protection. To that end, we are inspired to embed insurance in customers’ travel experience with ZA Tech’s insurtech innovation and enable the broader community to get insured,” said Young Yang, General Manager of ZA Tech Southeast Asia.

Yang added: “A thousand miles begins with a single step and we are honored to embark on a significant journey with Klook, a dedicated enabler to empower a better travel experience. Combining ZA Tech’s cutting-edge solutions and Klook’s extensive market coverage, we are confident we can redefine customers’ travel experience by providing the right insurance product in the right place in a hassle-free way. More exciting developments are to come.”

The ongoing Covid-19 pandemic is expected to boost demand for travel insurance once travel restarts. The global market for travel insurance was estimated to be USD 21.5 billion in 2020 and is now projected to reach a size of USD 33.7 billion by 2027[1].

About Klook

Founded in 2014, Klook is a world-leading travel and leisure booking platform. Klook empowers users around the world to discover and book the best experiences and services anywhere, anytime. It provides a seamless way for users to explore popular attractions, tours, local transportation, hotels and unique experiences at home or around the world on Klook’s website and award-winning app (consecutive Best of Year awarded by Google Play and Apple App Store). Each day, users indulge in their wanderlust and spontaneity through over 280,000 offerings in more than 500 destinations.

With offices in major cities worldwide, Klook’s services are available in 14 languages, supporting 41 currencies. Get inspired by Klook at www.klook.com, the company blog or @Klook.

About ZA

Established in May 2018 in Hong Kong, ZA Tech Global Limited (“ZA Tech”) is the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1. It aims to redefine the insurance value chain and the internet ecosystem through technology and fulfil the diversified demands of the customers by offering them comprehensive and innovative digitised solutions.

ZA Tech leverages technology to reduce costs and drive efficiency, enhances automation and intelligent business processes to improve financial inclusion and customer experience. In addition to its Singapore Asia Fintech Center, it has offices located in Tokyo, Hong Kong, Shanghai, Shenzhen, Dalian, Singapore and Dublin.

ZA International was established in Hong Kong in December 2017 by ZhongAn Online P&C Insurance Co., Ltd. (HKEX stock code: 6060), the first online-only insurtech company in China, to explore international business development, collaboration and investment opportunities in the area of fintech and insurtech in overseas markets.

Disclaimer Of www.thewomeninterest.com/

It must be agreed that the use of Thewomeninterest.com website shall be at the user’s sole risk. To the maximum extent permitted by law, Thewomeninterest.com, its directors, employees, and agents will make no representations about the exactness of the website’s content or the content of any sites linked to the website of. Thewomeninterest.com assumes:

no liability or responsibility for any errors, or inaccuracies,
personal injury or any damage to property resulting from the user’s access to and use of the website,
any interruption or cessation of transmission in relation to our website,
any bugs, Trojan horses, or viruses, which may be transmitted through the website or by any third party
any omissions or errors in content by way of content posted, transmitted, or emailed.
Thewomeninterest.com does not guarantee, endorse, or assume responsibility for any product or service offered by a third party through the Thewomeninterest.com website or any hyperlinked website or other advertising, and Thewomeninterest.com will not be in any way be responsible for monitoring any transaction between the user and the third-party providers of services or products. The user should use his/her best judgment and exercise caution where appropriate. Thewomeninterest.com’s website may include hyperlinks to other websites owned or operated by parties other than us. Thewomeninterest.com will not be held responsible for the exactness or availability of such other websites. Any inclusion of the hyperlink does not refer to any endorsement or recommendation of the content on such third-party websites.

It is reiterated that not all treatments that appear here at Thewomeninterest.com website have been proven on a scientific basis. The information available on this site should in no way replace the advice of a doctor. Thewomeninterest.com does not assume responsibility for the accuracy of the information provided here.

Please check with a professional or doctor before using any of the suggestions mentioned. Thewomeninterest.com respects the intellectual property of others, and we request our users to do the same. Thewomeninterest.com bears no responsibility for the content on other websites that the user may find while using Thewomeninterest.com products or services.

Thanks All

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close