Monday, August 21, 2017

Aviva, Tencent to launch Hong Kong online insurer

Aviva and Tencent will embark on a joint venture to develop an online insurance company based in Hong Kong.

The two firms are planning to partner with private equity firm Hillhouse Capital for the joint venture and are seeking regulatory approval to launch the business.

In creating the venture, Aviva said it will bank on the latest technology to disrupt an industry that has been largely dominated by traditional income drivers like agency and bancassurance channels.

In addition to the venture, Aviva has also rolled out its venture capital fund called Aviva Ventures in Asia.

The fund hopes to support startup companies at the forefront of innovation, said Chris Wei, executive chairman of Aviva Asia and FPI and global chairman of Aviva Digital.

Aviva agreed in January to sell 67% of its Hong Kong life business to Tencent and Hillhouse.

 

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