ZA Bank Kicks off Its Insurtech Offering With New Pure Life Insurance Productby Fintech News Hong Kong May 6, 2021
Hong Kong’s virtual bank ZA Bank has joined hands with ZA Insure, a fully digital insurer under the ZA brand, to offer pure life insurance “ZA Life Protection” via the former’s mobile app.
ZA Bank was granted an Insurance Agency License in January this year from the Hong Kong Insurance Authority (IA), allowing it to act as an agent of ZA Insure.
The new product offers up to HKD 10 million life protection, which is reportedly the highest sum insured among Hong Kong’s virtual insurers at present. Physical checkups are not required for the applicants, while family medical history will have no impact on premiums or application reviews.
“ZA Life Protection” is said to come with the highest cost performance ratio compared to existing term life insurance products with 5-year and 10-year coverages.
ZA Bank said that users can get a policy in as fast as 180 seconds, where all steps will be completed on the mobile phone without the need to meet a broker in person.
Wayne Xu, President of ZA International and CEO of ZA Insure said,
“This is the very first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong’s financial market. Hongkongers can now enjoy a fully-digital, integrated wealth management experience that covers savings, loans, payments, spending and insurance.
We are happy that ZA International’s strategic approach in the local financial market has started to bear fruit. This marks a significant step forward in terms of facilitating Asia’s fintech development.”
Rockson Hsu, CEO of ZA Bank said,
“Riding on the success of our innovative features including ZA Card, ZA Quest and electronic lai-see, we continue to be the ‘Game Changer’ and redefine pure life insurance products with our insurance offerings.
From now on, users can access insurance products in the ZA Bank App and enjoy a one-stop virtual banking service without even leaving the house. Once again, ZA Bank has provided an all-new banking experience for users.”