Hong Kong:ZA Bank expands into insurance business

Online-only bank ZA Bank has been granted an insurance agency licence by the Hong Kong Insurance Authority (IA), allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand.

The move sees ZA Bank become Hong Kong’s first virtual bank to be the agent of insurance products powered by a digital-only insurer, 10 months after the bank’s official launch. ZA Bank says in a statement that it will launch a suite of ZA Insure products in due course. Users can then access its one-stop service from quotation, application, underwriting to payment, all to be completed in the ZA Bank App regardless of time and location.

They can also view their policy details anytime in the App upon policy issuance, enjoying a seamless and convenient experience without the trouble of re-entering most of their personal particulars during the entire journey.

ZA Bank says it will adhere to ZA Insure’s philosophy of creating “insurance everyone can afford”, offering simple insurance products at inclusive prices to address users’ diverse needs for basic protection.

Mr Wayne Xu, president of ZA International and CEO of ZA Insure, said that this is the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong. He said, “We believe the two ZA businesses can leverage each other's technology, capabilities and cost advantages, and work together to create greater value for users’ digital banking journey down the road.”

ZA Insure (the trade name of ZA Life) is a joint venture between ZhongAn Technologies International and Fubon Life Insurance (Hong Kong). On 4 May 2020, ZA Insure obtained a digital-only insurance licence from the IA.

Source: Asia Insurance Review