Sun Life Invests in HK Virtual Insurer
Global insurance giant Sun Life has completed its strategic investment in Bowtie, a Hong Kong-based virtual insurer Earns License, which signals its commitment to digital transformation.
Global insurance giant Sun Life has announced its investment in digital insurer Bowtie, which just closed its Series A funding round having raised US$30 million from investors, a press release announced Thursday.
«It is part of our digital transformation strategy to make investments in early-stage businesses that have the potential to transform the insurance industry, and the investment in Bowtie is a great reflection of our belief in technology and innovative ways to provide protection solutions,» Sun Life Hong Kong CEO Fabien Jeudy said.
According to Techcrunch, Bowtie's other backer is Hong Kong X Technology Fund, which is backed by the likes of Tencent founder Pony Ma and Sequoia China chief Neil Shen.
«Bowtie is all about delivering convenience through technology. Our market research shows Hong Kong consumers would love to be able to sign up for health insurance and submit a claim online, but the insurance industry has essentially operated the same way when it first began 300 years ago,» Bowtie co-founder and co-CEO Michael Chan said, Techcrunch reported.
Bowtie is the first virtual insurer approved under the Insurance Authority of Hong Kong’s Fast Track scheme for virtual insurers that was launched in September 2017. The company said it plans to start offering insurance products in Hong Kong through digital channels, removing the need for insrance agents, banks, or insurance brokers.
Sun Life said that it would operate independently of Bowtie, and that both companies would remain separate entities.
