ZA Life instated as Hong Kong’s latest virtual insurer
In late March, Cyberport community member ZA International opened Hong Kong’s first virtual bank,ZA Bank, in much fanfare. It was not long after that the company announced its virtual insurance business.
ZA Life, also a subsidiary of ZhongAn Technologies International Group Limited, became the latest recipient of virtual insurance license granted by the Insurance Authority (IA) under itsFast Trackpilot scheme.
The digital-only insurer will be operating under the trade name of ZA Insure which focus on medical, term life, and critical illness insurance products. By leveraging its extensive application of big data analysis and AI, the company will provide instant quotations, perform customer due diligence, and settle claims remotely with minimum turnaround time and without the need for third-parties or intermediaries.
The authorisation makes ZA Life the fourth company to receive a virtual insurance license from the IA and the fourth virtual insurer in the Cyberport community. ZA Life will now joinBowtieand OneDegree (both Cyberport incubates) and Avo Insurance (Cyberport community company) as the city’s first group of virtual insurers.
Dr. George Lam, Chairman of Cyberport, congratulated ZhongAn on receiving the license. He said, “The insurance industry is an essential part of FinTech development, and the synergy between the virtual banking and the virtual insurance business of ZA International will offer customers new and better-quality services. Cyberport will continue to actively complement the government and the regulators in creating a more favourable market environment for start-ups, further promoting Hong Kong’s FinTech development, and improving the city’s competitiveness as an international financial centre.”