HSBC Insurance targets a third of new policies sold from online sales by end of next year
8.2pc of firm’s new sales came from digital channels last year, says Hong Kong chief executive, adding customers like buying online as it is ‘convenient, flexible and quick’
HSBC Insurance, Hong Kong’s third largest insurer by gross premiums, plans to sell more products via digital channels in coming years and is now targeting a third of its new policies sold to be delivered online by the end of next year.
“When we first sold products online in 2016, some people said customers won’t like buying insurance via the internet,” Edward Moncreiffe, chief executive of the Hong Kong office of HSBC Insurance (Asia), told South China Morning Post in an interview.
“But 8.2 per cent of our new sales came from digital last year, which shows they do like online buying as it is convenient, flexible and quick.
“I hope to see a third of our new business sales from digital channels by the end of 2019.”
Customers only need two and a half minutes to buy a policy online, he said, compared with about an hour buying a policy in the traditional way, via an agent.
The insurer – a unit of Hong Kong and Europe’s largest banking group – has previously sold its life and pension products through more than 100 bank branches and a network of brokers.
By digitalising it hopes to simplifying its product offerings, which will be available via the internet or by mobile banking.