ZA International has launched its digital-only insurance business in collaboration with Fubon Life Insurance (Hong Kong), with an official product launch due to take place soon.
ZA Life will operate the insurance business and serve its customers under the trade name ZA Insure. Instead of leveraging a traditional insurance industry model requiring intermediaries and physical stores, ZA Insure will provide its service - including quotations, underwriting, and claims - solely through its online platform. The company is banking on this simple yet fast approach to grab consumers fed up of the usual rigmarole of arranging insurance in meatspace.
Speaking of ZA Insure's digital capabilities, Paddy Choy, chief actuary of ZA Insure, said, "ZA's self-developed electronic know your customer technology will be fully applied to our underwriting process, substantially reducing the time required for purchasing coverage. We will also employ multiple security, risk control, and anti-fraud technologies to ensure the safety of user information.”
Wayne Xu, president of ZA International and CEO of ZA Insure explained that ZA Insure would cater to the needs of customers who were looking for personalised products or failed to benefit from insurance products due to their levels of wealth. ZA Insure will be launching its services in the near future with a range of products including life insurance and critical illness insurance to cover different needs. According to the company, ZA Insure is fully engaged in the preparation for the official product launch.
"ZA Insure is a new business of ZA International in the local market. It reflects ZA's determination to promote financial inclusion and fulfil user needs. As a fintech and insurtech company, we have adopted a 'community-driven' approach and identified many pain points that remain to be resolved in the current insurance market," said Xu.
ZA Insure joins the pack of Hong Kong's recently launched virtual insurers, the fourth to hit the market after Bowtie, Avo Insurance, and OneDegree. The joint venture obtained its digital-only insurer license from the Hong Kong Insurance Authority under its Fast Track pilot scheme. ZA International also operates Hong Kong's first virtual bank.
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