The insurance industry has embraced the technological revolution with open arms. From the growth of insurtechs to implementing tools like e-signature and client portals, the need for digital revolution has been a top agenda for all insurance professionals. One of the key financial hubs of the world Hong Kong is witnessing the digital push coming into the insurance industry with Bowtie becoming the first online-only insurance operator.
Bowtie is the only online insurance company that has earned a license from Hong Kong’s IA (insurance authority) as virtual operator and also got funding of US$30 million. This just over one-year-old company plans to offer its Hong Kong customers a range of health-focused insurance products. According to the “virtual” insurance license issued to Bowtie by Hong Kong’s insurance authority, it will not maintain a physical presence as compared to the traditional industry practices.
Bowtie was started by a group of passionate insurance professionals who left their careers to provide convenient insurance products to consumers. The dynamic team of Bowtie led by Fred Ngan and Michael Chan, founders, and Co-CEOs, started this company to focus on how the insurance industry could be modernized and still serve the noble purpose. Both Chan and Ngan met while working in the U.S. and both returned to their place of birth as they visualized the potential of online play.
Bowtie’s team’s consistent efforts, expertise, and technological capabilities earned the company the title of the ‘first virtual insurer’ in Hong Kong. The company focuses on insuring consumers that is transparent, protection focused, and justly customer-centric. The insurance is offered at zero commission and the whole process is simplified by eliminating the paperwork. Bowtie aims at delivering tailor-made insurance to every consumer.
Unlike the traditional insurance practices, Bowtie allows its consumers to sign up for health insurance and submit the claim online. The company doesn’t plan to position its development team in other parts of the globe. However, they have hired talent from overseas including Silicon Valley.
Bowtie’s success means a significant move in pushing insurtech in Hong Kong, thus giving more choice to the consumers. Using modern technology and innovative business models to serve consumers better has made this online-only insurer a first of its kind ‘home-grown startup’.
Contact Bowtie’s team today if you also believe that the current system is backward and needs a change.