Sun Life Financial invests in Bowtie, Hong Kong’s first virtual insurer under the Insurance Authority’s Fast Track

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Posted By Gbaf News

Posted on December 24, 2018

Sun Life Financial invests in Bowtie, Hong Kong’s first virtual insurer under the Insurance Authority’s Fast Track

The strategic investment in Insurtech start-up Bowtie reflects Sun Life’s commitment to digital transformation

Sun Life Hong Kong Limited (“Sun Life”) today announced that it has completed a strategic investment in Bowtie Life Insurance Company Limited (“Bowtie”). Bowtie is the first virtual insurer approved under the Fast Track¹ of the Insurance Authority in Hong Kong. The investment in the first virtual insurer in Hong Kong approved under the Fast Track¹ will further solidify Sun Life’s effort to become a leading insurance company at the forefront of innovation.

Bowtie will offer insurance products in or from Hong Kong through its digital distribution channels in the first half of 2019, without the use of any conventional channels involving insurance agents, banks or insurance brokers. Sun Life is an investor of Bowtie, however, the two companies remain separate entities, and Bowtie will operate independently from Sun Life.

Fabien Jeudy, Chief Executive Officer, Sun Life Hong Kong Limited, said, “Technology innovations have changed the way we access insurance and manage our financial needs. Financial institutions must proactively reinvent to meet changing client expectations. At Sun Life, we strive to transform our business to stay ahead of the game by applying digital technologies in operational efficiency, product distribution and creating value for our Clients. Sun Life’s strategic investment in Bowtie, Hong Kong’s first virtual insurer approved under the Fast Track¹, has marked a milestone in our history in Hong Kong, as well as the Insurtech era in the city. It is part of our digital transformation strategy to make investments in early-stage businesses that have the potential to transform the insurance industry, and the investment in Bowtie is a great reflection of our belief in technology and innovative ways to provide protection solutions. Bowtie will create a scalable platform that offers insurance products and services to the new generations. I believe this investment and potential future collaboration with Bowtie will strengthen Sun Life’s position in Hong Kong and accelerate our digital transformation roadmap.”

1 Fast Track refers to the pilot scheme launched by the Insurance Authority of Hong Kong on September 29, 2017. It is a fast track for applications for authorizations of new insurers owning and operating solely digital distribution channels.

Recommended for you