News Technology13 Sep 2018

Hong Kong:Territory's first online only insurer starts marketing

13 Sep 2018

Hong Kong's first purely digital life insurance company started selling policies yesterday, backed by Chinese Internet giant Tencent Holdings and major UK insurer Aviva.

Blue, 20% owned by Tencent and 40% by Aviva, offers life and critical illness policies online, its chief executive said in an interview with South China Morning Post. Hillhouse Capital holds the remaining 40%.

“By turning from a traditional insurance company into a digital insurance company, we do not need to pay any commission to middlemen. We can thus charge policies at a lower price and we will transfer the benefit to customers,” said Mr Charles Hung Tak-chow.

In February, Aviva announced that it, Hillhouse Capital and Tencent Holdings had completed a transaction to develop a digital insurance joint venture in Hong Kong, for which it had received regulatory approval. The three parties announced in January 2017 their agreement to develop the digital insurance joint venture in Hong Kong.

In February, Aviva announced that it, Hillhouse Capital and Tencent Holdings had completed a transaction to develop a digital insurance joint venture in Hong Kong, for which it had received regulatory approval. The three parties announced in January 2017 their agreement to develop a digital insurance joint venture in Hong Kong with Aviva selling stakes in its 160-year-old insurance venture in the territory to the two partners.

Separately, OneDegree, a Hong Kong-based online insurance startup, said it has closed a Series A funding round, led by major insurers and technology firms.

Under the arrangement, OneDegree will initially get HK$100m ($12.7m) in funds, followed by another HK$100m later pending approval of its digital insurer licence application by the Hong Kong Insurance Authority. The company participated in Cyberport, the Hong Kong government’s startup incubator.


 

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