Sun Life Hong Kong has completed a strategic investment in Bowtie Life Insurance, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong.
Bowtie will offer insurance products in or from Hong Kong through its digital distribution channels in the first half of 2019, without the use of any conventional channels involving insurance agents, banks or insurance brokers. Bowtie will operate independently of Sun Life.
The Insurance Authority launched its fast track scheme in September 2017 to speed up the processing of applications for authorisation of new insurers owning and operating solely digital distribution channels.
Mr Fabien Jeudy, CEO of Sun Life Hong Kong, said, “Sun Life’s strategic investment in Bowtie, Hong Kong’s first virtual insurer approved under the Fast Track, has marked a milestone in our history in Hong Kong, as well as the InsurTech era in the city. It is part of our digital transformation strategy to make investments in early stage businesses that have the potential to transform the insurance industry, and the investment in Bowtie is a great reflection of our belief in technology and innovative ways to provide protection solutions.”
Sun Life Hong Kong is part of Sun Life Financial, a Canadian financial services company.