Bowtie is granted Hong Kong’s very first virtual insurance company license by Insurance Authority (IA) under its Fast Track pilot scheme.
Fast Track pilot scheme was launched by the IA in September 2017 to expedite the applications of virtual insurers. It aims to promote the development of Insurtech in Hong Kong.
Only certain insurers with but not limited to below criteria could apply under the Fast Track scheme.
- With an innovative and robust business model using digital distribution to bring benefits to the consumers in Hong Kong in product development, delivery, customer service and cost efficiency.
- Meet solvency, capital, and local asset requirements to ensure sufficient loss absorption capability
- With adequate insurance experience among the shareholder controllers (at least one should be an insurer/ subsidiary/ affiliate of an insurer) or a jurisdiction having information exchange arrangement with the IA.
If you wish to know more about the scheme, please visit this website.