HSBC Life’s US$20 million AI investment helps shorten insurance claims payment time to 5 minutes
- Edward Moncreiffe, the CEO of HSBC Life, said the investment will be used to introduce a range of new medical insurance services
- Swiss Re Institute’s survey shows 25 per cent of Greater Bay Area residents prefer to buy medical insurance in Hong Kong
HSBC Life, the insurance arm of HSBC, has invested US$20 million to upgrade its technology and introduce a range of new medical insurance services for clients, with sales to mainland Chinese clients back to pre-pandemic levels, according to a senior executive.
One of these improvements include slashing the time required for reimbursing online medical insurance claims from five days to just five minutes, starting from May 1, said Edward Moncreiffe, the insurer’s Hong Kong CEO.
“It has taken away all the hassle and inconvenience in Hong Kong,” he said, adding that this has been made possible because of the investment in artificial intelligence technology.
Most of the insurers need about five to seven days to process the claims submitted online, according to industry experts.
HSBC Life has also introduced Care+, a network of 3,000 doctors and clinics in Hong Kong and Macau, to provide payment-free medical services to its policyholders.