Klook has announced a joint venture with ZA Tech to enable users
access to a range of travel-related insurance policies on Klook’s travel
and leisure booking platform.
Klook leverages ZA Tech’s experience in insurance innovation via
their proprietary solution, Fusion, to create a seamless digital user
experience for travellers and industry partners. To kick-start the
partnership, Klook will offer insurance products from the first two
insurers, AXA and Chubb, by end-2021, with a focus on Asia Pacific.
Said C.S. Soong, VP, Corporate Development at Klook: “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.”
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 US$21.5 billion in 2020 and is now projected to
reach US$33.7 billion by 2027, according to a report on Global Travel
Insurance Industry (2020 to 2027) by Research & Markets.