Digital products a win-win for Hong Kong customers and insurers, will turn city into insurance hub for Greater Bay Area, industry watchers say

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Development of ‘insurtech’ will be vital for customers not just in Hong Kong, but also in the GBA, Zurich Insurance CEO says

Hong Kong leader John Lee told a forum on December 5 that he would like to see the city become an insurance hub for the GBA by launching more innovative insurance products and new sales channels

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About 60 per cent of Hong Kong consumers are willing to buy insurance policies online, according to an analyst. Photo: KY Cheng

Enoch Yiu

Published: 1:00pm, 27 Dec 2022Updated: 5:45pm, 27 Dec 2022

The Hong Kong government’s pledge to promote the development of digital insurance products will benefit customers as well as boost the city as a hub in the Greater Bay Area (GBA), industry watchers said.

“The development of ‘insurtech’, which refers to insurance companies using digital channels for sales, handling claims and other services, will be vital for Hong Kong to provide services to customers not just in the city, but also in the GBA in future,” said Eric Hui, CEO of Zurich Insurance (HK).

Zurich Insurance is among pioneers promoting digital insurance and has sold travel, other personal, small and medium-sized enterprise and life insurance policies and services for over a decade now. “Digital insurance can boost sales and speed up claims, while such practices are also environmentally friendly,” Hui said.

Hui’s remarks came after John Lee Ka-chiu, Hong Kong’s leader, unveiled a road map for the development of the city’s insurance industry at the annual Asian Insurance Forum on December 5. Lee told the forum he would like to see the city become an insurance hub for the GBA by launching more innovative insurance products and new sales channels.

“To complement the development of appealing insurance products, the industry [must] also innovate to build powerful distribution channels,” he said.