Regulator grants authorization to third virtual insurer

The Insurance Authority granted authorization under fast track to the third virtual insurer, a technology start-up with proprietary systems that automate the entire production cycle from customer on-boarding to claims settlement.

Given its group structure and strategy, a twin focus will be placed upon technology innovation and insurance services, it said.

This newcomer will start off with pet insurance, followed progressively by health insurance, and then cyber insurance for small and medium firms. Emphasis will be placed upon partnership and ecosystem to cultivate synergies with other parties along the value chain thereby generating better business prospects, improved customer satisfaction and broader financial inclusion.

“With three virtual insurers, two in the general sector and one in the long term sector, we are witnessing greater vitality and wider diversity in the Insurtech domain,” said Clement Cheung, chief executive of the IA. “The recent Covid-19 outbreak has helped demonstrate how we can leverage technology to help cope with operational challenges.”