Virtual Bank Operator ZA Receives Digital Insurance License with Premiums Starting At HK$2by Fintech News Hong Kong May 5, 2020
ZA Life announced that it has received regulatory green light from the Insurance Authority to operate as a digital insurer in Hong Kong. ZA Life is a result of a joint venture between insurer Fubon Life and ZA International who operates Hong Kong’s first fully launched virtual bank.
ZA Life touted that its onboarding process take only few minutes without a requiring a medical check-up. In its website, the digital insurer also advertises that their insurance premium starts as low as HK$2 and that family medical history does not affect the customer’s premium.
Mr. Jerry Chou, Chief Executive Officer of Fubon Life Hong Kong and Director of ZA Life said,
“Technology advancement has fundamentally changed the way we access information and manage our needs. In view of this, Fubon Life Hong Kong has been continuously looking for business development opportunities to meet the changing consumer landscape. With the timely Fast Track scheme of the Insurance Authority, insurance institutions have been given a great opportunity to steer and nurture the development of InsurTech. Based on these favorable conditions, Fubon Life Hong Kong and ZA International have therefore worked together to form the joint venture in the territory to provide consumers with self-managed life insurance services.
Fubon Life Hong Kong holds 35% of shares of ZA Life. Fubon Life Hong Kong and ZA Life will operate independently. Fubon Life Hong Kong will continue to provide insurance services to customers via our distribution channels while ZA Life will use the trade name “ZA Insure” to provide innovative products and services to customers.