Avo Insurance partners with Two Sigma
Avo Insurance, the Hong Kong-based digital insurer, is announcing a partnership with Two Sigma, the New York-based hedge fund using machine learning, distributed computing and other technologies to “find connections in the world’s data.”
As part of the partnership, Two Sigma will provide data analytics and technology support in four key areas: data analytics, precision marketing and channel optimization, dynamic pricing and fraud detection, with the ultimate goal of creating “a new insurance model that will set a precedent for the future of virtual insurance,” as well as enriching Avo’s offerings, from the variety of protection products to the virtual insurance journey for consumers, while enhancing the current business model and risk assessment process.
“Two Sigma has been applying data science and advanced technology to financial services for close to 20 years. It is the first time for Two Sigma to invest in a new venture in Hong Kong, and we look forward to the strategic partnership with Avo Insurance. The insurance industry is changing rapidly, and with our experience, we hope to help advance unique insurtech initiatives, supporting the insurance industry development in Hong Kong.” – Kenny Lam, CEO of Two Sigma Asia Pacific.
“The insurance industry has entered a new age. Leveraging the experience and technological support of Two Sigma, Avo is determined to deliver breakthroughs to the traditional advisory model and usher in a digital experience that fits our clients’ needs. As the first general virtual insurer in Hong Kong, we are ready to transform the insurance client experience by continuously investing in cutting-edge technology.” – Winnie Wong, Executive Director and CEO of Avo Insurance.