Wednesday, April 25, 2018

HK regulator keen to encourage insurtech

The Hong Kong regulator has called for the territory’s finance and insurance firms to apply insurance technology innovations so that they can come up with faster analysis, which in turn will cut premiums paid by customers.

According to John Leung, chief executive of the Insurance Authority, several financial firms have already signified their interest in expediting their insurance licence applications.

Some of these companies are eyeing to establish innovative internet-based services in Hong Kong.

Last month, the authority said it would introduce a fast-track system that would accelerate the approval process for such applications, which normally take up to 18 months.

Leung assured financial companies that the authority is supportive of new insurtech ideas such as peer-to-peer (P2P) selling, a model which is being used in Germany.

 

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