Leading global insurance SaaS provider Peak3 has won the Top Initiative InsurTech Startup Award at Insurtech Connect (ITC) Asia Awards, held on June 4, 2025, a recognition of its position as a transformative force in the insurance industry across the Asia-Pacific region and beyond.

The award is a recognition of Peak3’s significant contribution to the insurance ecosystem through its cloud-native, AI-driven solutions that have enabled insurers, MGAs, and intermediaries to accelerate their digital and core system transformations.

“Being recognised as the region’s leading Insurtech affirms the transformative journey we’ve taken and highlights the Asia’s pivotal role — not just in our growth, but in shaping the future of insurance technology worldwide,” says Bill Song, group CEO of Peak3.

Founded in 2018, Peak3 (formerly known as ZA Tech) has rapidly established itself as an essential technology partner for the insurance industry.

Song says that the firm has always applied a product and not a project mindset.

“Instead of building custom solutions to every individual client, we streamlined our R&D and focused on creating a highly configurable platform that serves all our clients across regions with ongoing upgrades,” he says.

This strategy has helped Peak3 grow quickly in new regions like Europe and eliminate the technical debt and code versions that they would need to maintain, he adds.

With headquarters strategically located in Singapore for APAC and Ireland for EMEA, Peak3’s award-winning solutions have now supported over two billion insurance policies by more than 50 insurance partners across more than 20 countries. The insurtech’s solutions are now used by leading insurers like AIA, Generali, Prudential and Zurich, as well as digital platforms, like Grab, Klook and Lazada.

Peak3’s flagship product, Graphene, is the industry’s first truly cloud-native, AI-ready core platform for life, health and P&C insurance. Its end-to-end insurance value chain support, paired with a full microservices architecture, allows flexible deployments—whether for a holistic multi-country core modernization, a replacement of a claims module or a unifying digital layer across multiple legacy systems.

With Graphene, insurers gain a future-ready foundation to accelerate innovation, reduce complexity, and unlock growth in an AI- and digital-first world. Following the recent launch of Graphene v3, Peak3 has expanded its capabilities in commercial lines and group health to support insurers’ comprehensive modernization. Furthermore, Graphen v3 now incorporates even more built-in AI capabilities, such as AI agent orchestration, FNOL chatbots, fraud, waste and abuse detection, and more. The insurtech recently launched a whitepaper series about the core platform requirements for agentic AI, and how Graphene delivers differentiated technology foundations, outlining essential capabilities that insurers need to successfully scale agentic AI.

With Graphene, insurers now have the core foundations to scale agentic AI securely, efficiently and effectively. Purpose-built to meet these requirements with cloud-native capabilities, built-in AI orchestration, and end-to-end insurance capabilities across life, health, and P&C lines, Graphene provides insurers unprecedented access to a platform that adapts and grows alongside industry evolution.

“For the first time, insurers have access to a platform that’s not only future-proof but continuously evolving, providing them with a truly evergreen solution that evolves with the industry’s demands,” Song says.

Future expansion

Over the past five years, Peak3 has invested over 1.5 million hours into R&D to create the leading insurance core platform, strengthened its presence in APAC, and expanded its footprint into EMEA.

With last year’s US$35 million investment led by EQT, Peak3 is accelerating its growth into new regions (including new markets in Europe and the Middle East), implementation partnerships and further product enhancements. AI remains a cornerstone of Peak3’s investment strategy to enable automated, personalized and intelligent operations across the insurance value chain.

Peak3’s significant, continued investments into AI will help clients not only streamline operations but also enhance decision-making and deeply personalise customer experiences, says Song. “We believe that our core platform will be the one powering truly agentic insurance operations at scale — enabling insurers to operate with agility, make data-driven decision, and deliver highly tailored propositions.”

The firm plans to expand their focus into group and commercial business to offer a comprehensive suite of solutions and holistically address the industry's evolving needs. Peak3 aims to enable a more connected and integrated global insurance ecosystem—one in which insurers can rapidly and intelligently launch, scale and manage customer-centric insurance propositions across all distribution and interaction channels, enabling more relevant, accessible and convenient insurance protection.

“Insurance and insurtech are definitely not the industries where you can ‘move fast and break things’, as is the mantra of many tech companies,” Song says.

Still, Peak3’s focus has been on delivering value quickly through rapid and thoughtful implementation. “We are adopting an MVP mindset to drive early results for our partners while engaging their organizations to embrace change and align for long-term success.”