Online-only insurers have the advantage over traditional rivals of not having to pay commission to agents or banks. Photo: Shutterstock
Home-grown digital insurer Bowtie receives Hong Kong’s first virtual insurance licence
- The virtual insurer’s new licence prohibits it from selling products via agents or banks, and is part of a government push to develop the city’s online finance services
- Bowtie will target younger, tech-savvy customers who can take out a policy for just a few hundred HK dollars a month, says co-founder
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Insurance
Online-only insurers have the advantage over traditional rivals of not having to pay commission to agents or banks. Photo: Shutterstock