ZA Insure obtains a digital life insurance license in Hong Kong
The Insurance Authority has granted authorization under Fast Track to ZA Insure , the insurance platform of ZA, one of the first digital banks in Hong Kong, and a wholly-owned subsidiary of ZhongAn Technologies International Group Limited.
ZA Insure will offer medical, term life and critical illness insurance products and it will leverage data, analytics, and AI to provide instant quotes, perform remote customer due diligence, and settle claims.
“‘ZA’ represents a reverse of the alphabetical order – going from Z to A – reminding us to always think out of the box and view things from a different perspective. It’s good to be bold, contrarian and creative.”
“We are excited by the interplay between virtual banking and virtual insurance, which can help deliver service optimization, value enhancement and customer convenience. The current four virtual insurers, each with a unique background and business model, offer the prospect of accelerated Fintech development in Hong Kong, thereby bolstering our competitiveness as an innovation hub.” – Clement Cheung, Chief Executive Officer of the Insurance Authority (IA).