Wholly digital life insurance company, Blue, to begin selling policies in Hong Kong

Hong Kong-based and Tencent-backed insurer, Blue, is set to begin selling policies from its entirely digital platform in a first for the city
Planning to employ only around 100 members of staff, Blue hopes to undercut competition with a direct sales strategy.
Chief Executive, Charles Hung Tak-chow, said:
“By turning from a traditional insurance company into a digital insurance company, we do not need to pay any commission to middlemen”.
“We can thus charge policies at a lower price and we will transfer the benefit to customers”.
Mr Hung did not elaborate on how much customers can expect to save compared with Blue’s competition.
Blue will compete for market share with AIA, MetLife and Manulife, who have each begun to incorporate technology such as big data and automated risk analysis to determine premiums and handle claims.
See more:
The city’s government has been pushing for increased incorporation of “insurtech” in Hong Kong’s insurance sector, and introduced new measures last September which allow companies to use such technology to streamline their services and bring costs down.
The South China Morning Post said that the company’s ownership is split between Tencent at 20%, British insurer Aviva at 40%, and investor Hillhouse at 40%.
Of Blue’s investors, Mr Hung added that “Aviva has an insurance background, Tencent has internet knowledge and Hillhouse can support capital needs. All three major shareholders have their contributions to Blue”.
The online platform, SCMP reported, will make the process of buying policies straightforward and consumer-friendly, with “customers only needing to answer a few simple questions about their health and personal information”.

Featured Articles

Top 10 female executives leading Japan's charge for change

As Japan pledges a 30% target for women executives at big firms by 2030, we spotlight 10 female corporate leaders blazing a trail in the country

Top 10 most valuable unicorns in China – phones to drones

Home to the world’s most valuable unicorn, not to mention the fastest growing, China may be trailing the US on numbers, but it is catching up – and fast

Top 10 fastest-growing energy companies in the APAC region

Business Chief takes a look at the top 10 fastest-growing energy companies in the APAC region, according to rankings from S&P Global Commodity Insights

Top 10 Chief Financial Officers in India

Corporate Finance

Top 10 largest companies Malaysia and the CEOs who helm them

Leadership & Strategy

5 high-profile CEO moves across Asia-Pacific this month

Leadership & Strategy