We are creating some awesome events for you. Kindly bear with us.

HK Welcomes its First-ever Virtual General Insurance Player

For a long time now, traditional insurance companies have struggled to connect and engage with customers in a meaningful way, signalling that the industry must change.

Leading industry players and governments have now understood this and are looking for ways to transform their business model while pureplay insurance companies are popping up to take advantage of the existing opportunity in a market that is quickly going digital.

Pureplay or virtual insurers have a lot of power and hold the key to transforming the industry and setting new standards in terms of how customers are served and supported during their lifetime.

With millennials and Gen Z customers demanding digital-first services, entrepreneurs are looking to move fast, and regulators are sifting through existing laws to remove barriers and facilitate the revolution to support residents.

In Hong Kong, the Insurance Authority recently granted the first virtual general insurance license (the first virtual life insurance license was issued last year) to a purely digital insurance firm. Being a pureplay firm will sell its products online without the use of agents or brokers.

The firm is a younger brand and more appealing to millennials and young professionals, while its parent is an established brand. The two will have different market positioning.

These factors gave the firms strong reasons to establish a different company and brand to achieve the most desired outcome.

The Insurance Authority, the Hong Kong’s regulator, introduced a ‘Fast Track’ scheme to provide a dedicated queue for newcomers seeking to operate solely through digital distribution channels back in September 2017.

The firm’s launch two years later is an indication that the market in Hong Kong is preparing for a wider digital revolution.

The authorisation of new virtual insurers under Fast Track encourages and facilitates wider applications of Insurtech in Hong Kong, the CEO of the Hong Kong Insurance Authority noted.

Uses of Insuretech : Insurtech provides the opportunity for both consumers and the industry to improve the customer experience, enhance inclusiveness, build a sustainable fintech ecosystem, reduce the compliance burden, and induce greater supervisory efficiency.

While life insurance seems to have gone digital a while ago, non-life insurance products, especially general insurance products have a lot of room to breathe when it comes to serving customers in a digital world.

The online insurance firm and other upcoming virtual general insurance companies in Hong Kong are expected to set the expectations of customers, providing more transparency in terms of pricing and agent commissions, and more clarity around duties, rights, and liabilities of policyholders.

Work with the relevant stakeholders will continue to happen in order to maximize the value of Insurtech for the betterment of society. The region hopes to continue working on bringing in more digital initiatives to support the insurance industry.

What Hong Kong is doing is neither new nor novel, but shines a light on an important trend in the region and across the globe.

The message is loud and clear: the insurance industry is changing quickly, and there is an urgent need to go digital, driven by a deeper need for better engagement and more intelligent service.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend