Manulife introduces online claims system in Hong Kong in push to cut costs through digital technology
The Canadian insurer is the latest to look to so-called insurtech after the industry regulator in the city announced a pilot scheme to promote innovation
Manulife, the second-largest life insurer in Hong Kong, expects half of the claims under its medical insurance policies to be submitted online within a year, as it joins the rush to embrace digital technology as a way of cutting costs.
The Canadian company has launched a website, claimsimple.hk, to allow policyholders to claim online, and sees other potential uses for innovative technology, or the so-called insurtech, in its future operations.
“Some products, health insurance, MPF and mutual funds can actually be sold online,” Guy Mills, chief executive of Manulife Hong Kong, said in a news conference on Monday, referring to the Mandatory Provident Fund, Hong Kong’s investment-based pension scheme.
Manulife is the latest insurer to take on digital technology after the industry regulator, the Hong Kong Insurance Authority, launched a so-called sandbox scheme last September to encourage technological innovation.
Sandbox schemes allow companies to conduct pilot projects with new technologies for selected customers. Since the authority’s announcement, MetLife, AIA, Allianz and Zurich Insurance have all unveiled insurtech plans.