Aviva turns digital insurance air Blue in Hong Kong
Hong Kong customers will be able to buy term life and critical illness products online – usually relegated to intermediaries in Hong Kong. Blue aims to bring zero commission digital insurance to the region’s insurance market.
Chris Wei, executive chairman of Aviva Asia and Aviva Digital, says: “We are redefining insurance in Hong Kong. Simple products. No paperwork. No commissions. Hongkongers are incredibly mobile and tech-savvy, yet the insurance market has been among the most traditional in Asia.”
Blue says it “combines Aviva’s insurance and digital expertise with Hillhouse’s investment management capabilities and Tencent’s technology, distribution and customer base”.
The Hong Kong insurance market is one of Asia’s “largest and fastest growing”, with annual gross insurance premium growth of 20% in 2016.
Blue lets customers adjust their protection plans. This includes adjusting the protection amount, protection period, and payment period – with no penalties.
The agreement to set up a digital insurer in Hong Kong was announced in 2017 and the joint venture transaction received approval from the Insurance Authority of Hong Kong in 2018.