HK virtual bank ZA launches insurance platform
ZA, the first virtual bank to go live in Hong Kong, has branched out into insurance after obtaining a digital-only insurer license from the Hong Kong Insurance Authority under its Fast Track pilot scheme. ZA Life, operating under the trade name ZA Insure, will eliminate intermediaries through a digital-only insurance platform that fulfills quotations, underwriting and claims.
Established in collaboration with Fubon Life Insurance, ZA Insure will launch in the near future, with products including life insurance and critical illness insurance to cover different needs.
Paddy Choy, chief actuary of ZA Insure says: “Technology plays an important role in ZA Insure’s endeavor to improve user experience. ZA’s self-developed eKYC technology will be fully applied to our underwriting process, substantially reducing the time required for purchasing coverage. We will also employ multiple security, risk control and anti-fraud technologies to ensure the safety of user information.”
ZA, established by ZhongAn Technologies International, launched the city’s first digital-only bank in December as a pilot, and is offering 6% for three-month deposits up to HK$200,000 ($25,000), which includes a 4% top up.