Temus and Peak3 announced a commitment to work together in positioning the insurance sector as a potential growth frontier for AI acceleration. Peak3’s cloud-native platform currently supports over 2 billion policies and serves 50+ insurance partners globally, including leading names such as AIA, Prudential, Zurich and Income Insurance. Its core capabilities span policy administration, claims processing, and distribution enablement, providing a resilient backbone for insurers across multiple markets. With AI layered onto this foundation, the potential multiplier effect is significant.

Insurance is increasingly seen as a sector where digital adoption has lagged customer expectations, creating inefficiencies in operations and gaps in product relevance. Analysts predict that the global generative AI in insurance market is projected to grow from about S$1.03 billion in 2022 to S$19.4 billion by 2032, at a compound annual growth rate of 34.4%, reflecting the scale of opportunity for digital transformation. In Singapore, the integration of Smart Nation services and public sector datasets could further accelerate this shift through embedded insurance models - making protection more seamless, personalised, and relevant to citizens and businesses. Through today’s memorandum of intent, Temus and Peak3 aim to help the industry capture this potential.

Samuel Chong, Managing Director - Insurance, Temus said: “Temus’ partnership with Peak3, aims to empower more Singapore-based insurers to move beyond experimentation into enterprise-grade AI. By building on Peak3’s proven platform, we can apply AI to sharpen efficiency, unlock new business models, and deliver more tailored customer experiences. Insurance is a sector ripe for this next stage of growth.”

Bill Song, Chief Executive Officer, Peak3, added: “With billions of policies managed on our platform and partnerships with leading insurers worldwide, Peak3 is uniquely positioned to lead the next wave of AI-powered insurance transformation. Through our partnership with Temus, we will combine proven capabilities and advanced AI to enable more insurers to realize the full potential of embedding secure, context-aware protection into everyday life at scale, while unlocking new value across the insurance ecosystem."