Huge response to Insurance Authority’s online-only fast track licensing proposal
But Hong Kong’s insurance regulator is yet to give licences to any of the 40 plus companies that have made enquiries so far
More than 40 international and Chinese tech companies and start-ups have approached the Insurance Authority seeking information on digital insurance licences via the newly launched fast track scheme, according to an official.
“This shows Hong Kong can attract a wide range of companies to come here to set up insurance businesses,” said Carol Hui Mei-ying, executive director of long-term business at the Insurance Authority, on Wednesday, adding that the fast track will help the development of insurtech and attract tech firms to set up digital insurance operations.
The authority in October introduced the fast track programme to allow tech firms to operate online-only insurance businesses to offer direct sales of basic life insurance, travel or personal accident coverage.
Traditional insurance companies, which sell via agents and brokers, still require longer approval times of more than a year.
Hui said the companies that have made enquiries come from a variety of backgrounds and from several different countries.
