Topic

InsuTechi

Stories about how technology is used to enhance all aspects of the insurance industry, including life and general insurance

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  • Weight of virtual insurers is still extremely low, in terms of premium and claims, compared to traditional insurers, analyst says
  • OneDegree has ambitions of becoming a top three general insurer, digital firm says

From faster payments to Wealth Management Connect, Hong Kong has adopted a number of measures in recent years to bolster its bona fides as a fintech hub.

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Hong Kong faces a mortality protection gap of HK$6.9 trillion (US$884.6 billion), which could cause many families undue financial trouble in the event of the death of the main earner, according to an Insurance Authority study.

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DrGo is the first of a growing number of telemedicine services in Hong Kong that are sprouting up to bring accessibility and convenience to customers via a combination of technology and health care, delivered with social distancing in mind as the coronavirus spreads.

In the fourth in a five-part series, Enoch Yiu looks how technology firms like Ant Financial and Tencent Holdings are using their innovative powers to create insurtech and mutual aid platforms that make health care coverage affordable to more people.

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The British insurer needs to break up into two publicly listed companies focused on the US and Asia to boost shareholder value, said activist investor Third Point.

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Xiang Hu Bao, an online mutual-aid platform owned by Ant Financial, has attracted 100 million users since its launch a year ago and helped insurers on the platform increase their health policy revenues by 60 per cent.

Shanghai-based insurance technology start-up The CareVoice has raised US$10 million in a funding round led by Chinese investment management company Lun Partners Group, it said on Thursday.

The insurer, established three decades ago in China’s technology hub of Shenzhen, is also one of China’s largest financial conglomerates, involved in a range of businesses on top of insurance, including banking, wealth management, technology and health care.

Global investment in financial technology companies more than doubled to US$55.3 billion last year, driven by US$14 billion fundraising by Ant Financial Services

Report by Insurance Society of China and Fudan University urges industry ‘to get better prepared for a changing landscape as many jobs could be replaced’