Bowtie’s Total Insured Amount Exceeded HK$60 Billion in Four Yearsby Fintech News Hong Kong May 31, 2023
Hong Kong’s virtual insurer Bowtie announced that its total insured amount exceeded HK$60 billion with over 90,000 customers since its launch four years ago.
Meanwhile, Bowtie’s overall recurring revenue recorded over 100% growth to HK$170 million last year.
The COVID-19 pandemic has increased the demand for private healthcare services and medical insurance among Hongkongers, leading Bowtie’s accumulated website traffic to grow over a one hundred million.
Even after the pandemic situation has improved, the online search volume for Voluntary Health Insurance Scheme (VHIS) products is said to remain strong.
In terms of VHIS product sales, Bowtie’s premium income reached HK$80 million last year and is expected to grow to HK$100 million this year, with the number of in-force VHIS policies exceeding 20,000.
For group medical insurance product sales, Bowtie’s premium income recorded a growth of over 100% last year, serving over 500 small and medium-sized enterprises and technology-embracing companies, including virtual banking, companies from telecommunications and airlines industry.
Fred Ngan, Bowtie’s Co-Founder and Co-CEO said,
“With a market share of over 30% in the direct sales channel, Bowtie has emerged as the preferred choice of one in three consumers who purchase insurance online.
Also, Bowtie has once again ranked number one in the direct sales channel in terms of number of policies sold for two consecutive years, this accomplishment surpasses all banks and insurance companies.”
Michael Chan, Bowtie’s Co-Founder and Co-CEO said,
“As medical costs in Hong Kong become increasingly unaffordable, insurance companies have an obligation to ensure their customer’s medical protection is up-to-date.
Through our technological advantages, we aim to further reduce operating costs and provide customers with higher cost-effectiveness VHIS products that keep pace with times.”