The Fast Track was introduced by the IA in 2017 to provide a dedicated queue for newcomers seeking to operate solely through digital distribution channels. Avo insurance – which is owned by Asia Insurance (51 per cent) and Founder and CEO of Hillhouse Capital (management firm) Zhang Lei – will be the first of its kind to receive Fast Track authorisation as an online-only non-life insurer.
Clement Cheung, CEO of the IA, said, “The first non-life virtual insurer authorised under Fast Track is a local company, whose strategic focus is providing innovative and customer-centric products, like health and travel insurance, for under-served segments through bespoke digital distribution channels without the involvement of intermediaries.”
Cheung noted that the authorisation of new virtual insurers under Fast Track would encourage and facilitate wider applications of insurtech in Hong Kong. “Insurtech provides the opportunity for both consumers and the industry to improve the customer experience, enhance inclusiveness, build a sustainable fintech ecosystem, reduce the compliance burden and induce greater supervisory efficiency. We will continue to work with the relevant stakeholders to maximise the value of insurtech for the betterment of society,” he said.