Zurich Insurance (Hong Kong) has partnered with YAS Insurance to offer embedded insurance for robots, aiming to accelerate AI and robotics adoption across Hong Kong industries. Under the collaboration, Zurich will design bespoke micro-insurance products embedded directly into YAS's robotics sales and service offerings.
The insurance covers repair costs from insured incidents and compensation for deductibles under related policies. Coverage is tailored to specific robotics applications, from construction sites to retail environments, addressing unique damage and liability risks in each scenario.
YAS Co-founder William Lee said that many enterprises are already using robots from their partner Axonex in a wide range of settings, including manufacturing and logistics, shopping malls and office buildings, construction sites, restaurants and clubhouses. “By adding innovative embedded micro-insurance, we can further strengthen their confidence in applying robotics technology.
"Following our earlier collaboration with Zurich on protection for electric taxi fleets, we are delighted to work together again in the area of robotics insurance. Looking ahead, we plan to deepen our 'lab' collaboration with Zurich in fields such as autonomous driving, electric vehicle ecosystem, drones and green finance, so we can help businesses in Hong Kong seize the opportunities brought by innovative technologies," he said.
Zurich Insurance (Greater China) CEO Eric Hui said that as AI and technology advance at unprecedented speed, the risks faced by businesses are becoming more diverse. “Through our 'lab' approach, Zurich collaborates with tech firms and stakeholders across different sectors, combining forward-looking insights with our risk management expertise and data analytics. This has led to the launch of the 'Zurich Smart Vision Series' of micro-insurance products tailored to different innovation use cases, providing customers with comprehensive and robust risk and financial protection so they can navigate operational challenges with confidence,” he said.