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”.
Share

Featured Articles

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best new books that will make you a better leader

From inspiring CEO memoirs to strategic guides, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better boss

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

Workplace special – the changing nature of the office

Leadership & Strategy

Meet Shanique Bonelli-Moore, DEI leader at Clorox

Sustainability

Forterro CEO Dean Forbes – inspirational leadership

Leadership & Strategy