HONG KONG, 24 November 2021: Klook travel and leisure
booking platform is partnering with ZA Tech Global Limited to provide
travel-related insurance to consumers worldwide.
The joint venture agreement will ensure consumers will have
seamless access to travel-related insurance policies at competitive prices.
Insurers will be able to partner with Klook to feature their
insurance products on one of the world’s leading travel and leisure platforms.
According to the agreement, Klook works with insurers to design
products that address the pain points of consumers while kickstarting
travel-related insurance products on its platform by the end of this year, with
a focus on the Asia Pacific region.
The rollout by year-end will first feature AXA and Chubb as
the first two insurers.
ZA Tech will empower Klook’s platform by exporting its
proprietary solution – Fusion, to create a seamless digital experience for
travellers and support partners.
“The pandemic has changed the way we travel, with customers
demanding increased assurance when they travel once cross-border travel
resumes,” said Klook VP corporate development CS Soong.
“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
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 USD21.5 billion in 2020 and is now projected to
reach USD33.7 billion by 20271.