Financial news
Written by: Wen Haozong
2019-12-12 18:38
Last updated: 2019-12-12 18:39Bowtie, the first virtual insurance company in Hong Kong to be licensed by the Insurance Regulatory Authority, launched its first VHIS product in April. The company's co-founder and co-chief executive officer, Yan Yaohui, said that the business has performed satisfactorily since the first half of the year, and customers have tended to be younger, with an average age of 34 years.
Bowtie was licensed by the Insurance Regulatory Commission through the "Fast Track" in December last year, and has launched a total of 3 products, including one of the Voluntary Medical Insurance Standard Plan and the Flexible Plan. When meeting with reporters, Yan Yaohui pointed out that the company's customers are mainly professionals, most of them are in the financial industry and the information technology industry. Most of them will compare the products of 3 to 5 insurance companies by themselves.
Balance of payments within 5 years
The company launched voluntary medical insurance products in April. Yan Yaohui refers to "half and a half" of customers with insurance standards and flexible plans. He plans to launch new medical-oriented products, including accident and cancer protection, in the first two quarters of next year to meet customer medical care. need. He also pointed out that the company's plan at the time of licensing was to reach a break-even in five years, but believed that it was too early to say.
Unlike traditional insurance companies that rely on agency sales, virtual insurance companies use the Internet platform as their "home court." Yan Yaohui revealed that comprehensive information of about 80 customers, more than 85% of customers can complete online insurance on their own, without the need for customer service assistance; thereafter, except for individual applications that require additional information, most policies can be approved within 24 hours . As for claims, the company can issue compensation within 3 working days, taking into account the company's reward program "Bowtie Cash" provided to customers, the repayment ratio is 99%.
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