Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong.
Sun Life says the investment will further solidify its’ efforts to become a leading innovative insurer.
Bowtie will offer insurance products in or from Hong Kong through its digital distribution channels in the first half of 2019, without the use of any conventional channels involving insurance agents, banks or insurance brokers.
While Sun Life is an investor of Bowtie, the two companies will remain separate entities, with Bowtie operating independently from Sun Life.
“Technology innovations have changed the way we access insurance and manage our financial needs. Financial institutions must proactively reinvent to meet changing client expectations,” said Fabien Jeudy, Chief Executive Officer, Sun Life Hong Kong.
“At Sun Life, we strive to transform our business to stay ahead of the game by applying digital technologies in operational efficiency, product distribution and creating value for our Clients.”
“Sun Life’s strategic investment in Bowtie, Hong Kong’s first virtual insurer approved under the Fast Track, has marked a milestone in our history in Hong Kong, as well as the Insurtech era in the city.”
“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,” added Jeudy.
“Bowtie will create a scalable platform that offers insurance products and services to the new generations. I believe this investment and potential future collaboration with Bowtie will strengthen Sun Life’s position in Hong Kong and accelerate our digital transformation roadmap.”