Local start-up revolutionising the traditional insurance industry with technology
HONG KONG SAR 28 February 2023 – In today’s digital age, many industries have begun to introduce emerging technologies to develop innovative services. The transformation and upgrading of the insurance industry is also in full swing. As the first virtual insurance company in Hong Kong, Bowtie is committed to integrating innovative technology and medical expertise to provide Hong Kong people with a zero-intermediary, commission-free online insurance platform.
Insurtech creates competitive advantage for businesses
According to a recent M&A report by Bain & Company, investment in insurtech has grown from US$4.9 billion in 2018 to US$8.4 billion in 2020, amounting to an increase of 70%. Between 2020 and 2021, the amount of investment doubled to US$17.3 billion.
In this digital era, many traditional insurance companies are trying to create a smoother insurance application and claim experience through innovative technologies. By leveraging data analysis, the Internet of Things (IoT), deep learning trained artificial intelligence (AI) and other technologies, they seek to improve overall operational efficiency and provide customers with products at more competitive prices.
Bowtie uses technology to reshape the new insurance landscape
As the first virtual insurance company in Hong Kong, Bowtie is determined to transform the traditional insurance sales method, providing zero-intermediary, commission-free pure online insurance, and offering customers truly stress-free and unfettered protection. In addition, Bowtie’s insurance products and premium information are completely transparent. Customers do not need to leave any personal identity or credit card information. Instead, they can get a basic quote instantly and conveniently by selecting their age, gender and indicate whether they are a smoker or non-smoker.
For traditional insurance companies, underwriting may take 3 weeks or more to complete. Bowtie’s own original intelligent underwriting system can flexibly respond to each applicant’s individual situation and automatically adjust the underwriting content. The process does not require a physical examination, and the questions are mainly multiple-choice, meaning a much shorter processing time. Customers can complete the insurance application in just 4 minutes and acquire the underwriting result within 5 days.
Bowtie also understands that the types of policy and coverage that each person needs are different. “Here to help, no hard sell” is one of Bowtie’s commitments to their customers. Standing by the belief that “what is best is just right”, Bowtie focuses on providing customers with personalized insurance advice and helps every applicant choose the insurance products that meet their actual personal needs, rendering the insurance application process less complex.
Accumulating over 10,000 VHIS customers in just three years since establishment
Bowtie firmly believes that the original purpose of insurance is to protect what matters in life. For this reason, the company actively uses technology to reduce costs and provides truly personalised “pure protection” insurance products, so that the public can get better protection at a lower price.
In order to continuously optimise the existing operating model of the insurance industry, Bowtie redesigned a new insurance company from scratch. In addition to recruiting talents from local and Silicon Valley start-ups, the company also recruited many elites in the insurance industry, including former C-level executives from the top ten insurance companies. Bowtie’s team use their expertise to make a positive impact on society and are determined to lead the industry into the era of pure online insurance.
In May 2022, Bowtie, which had then been established for only 3 years, achieved a record of more than 10,000 VHIS customers and a total insured amount of over HK$40 billion, providing coverage for more than 60,000 Hong Kong people in total. The online insurance market size has also been multiplying, showing no signs of slowing down or regressing.
At present, Bowtie not only provides VHIS Standard and VHIS Flexi but also high-end medical, life insurance, critical illness insurance, accidental insurance, cancer insurance, group medical and other zero-commission insurance plans, making real protection just within your reach. The monthly premium is as low as HK$100. Customers who have successfully applied online for specified products may also enjoy outpatient services, premium reduction or BowtieCash.