Wesurance, a Hong Kong-based InsurTech startup, takes the city’s insurance sector into a new era with the launch of the industry’s first mobile platform for insurance services in partnership with Allied World Assurance Company, Ltd and TransUnion.

The platform makes it easy for Hong Kong’s mobile savvy consumers to access travel insurance-on-the-go, allowing them to buy policies and make claims conveniently and securely within minutes using their smartphones.

Making claims is much easier and more intuitive with an artificial intelligence (AI)-powered personal assistant, Amy, who will walk customers through the process. Consumers can say goodbye to all the traditional claim forms. Customer experience will be greatly enhanced with the simplified claim procedures. User verification is also quick and simple with electronic Know Your Customer technology (eKYC) and facial recognition technology.

Eddie Chang, Chief Executive Officer of Wesurance, said,

“At Wesurance, it is our goal to use technology to develop the best digital insurance solutions which will allow customers to purchase insurance policies in a more enjoyable way, hence helping to increase the insurance penetration rate among the younger generation.

AI and cutting-edge identity verification solutions are major enablers of this goal, allowing us to create a service delivery channel at the consumer’s fingertips that is cost-effective and hassle free. With the expertise and support of our partners Allied World Assurance Company, Ltd and TransUnion we have been able to launch a comprehensive mobile travel insurance solution that ticks all the boxes for Hong Kong’s busy consumers.”

Amy, the customer-centric personal assistant, will help customers 24/7 anywhere they go. A Frequently Asked Question (FAQ) database provides a vast bank of knowledge that enables Amy to deliver instant in-app responses to over 80% of customers’ queries. Unresolved questions are immediately directed to internal representatives to provide real-time support. Amy also sends reminders and notifications to create a seamless consumer journey from start to finish.

Wesurance uses eKYC technology, powered by TransUnion’s IDVision solution suite that utilises advanced technologies such as document forensic algorithms, device intelligence, facial recognition and data analytics to verify a user’s identity. Users simply need to take a photo of their HKID card and then a selfie. In just a few moments, IDVision eKYC can accurately verify the user’s identity.

Lawrence Tsong, President, Asia Pacific of TransUnion said,

“The collaboration with Wesurance marks a significant milestone for TransUnion as it is the first time our eKYC solutions will be used in the Hong Kong insurance industry. IDVision eKYC solutions help transform the way financial institutions onboard new customers, providing a smooth customer experience in a secure manner while fulfilling KYC compliance processes. As a result, our partner companies can protect their businesses and bottom lines from fraud.”

When users make their claim, they just need to answer Amy’s questions and take photos of their supporting documents. Claims are processed quickly and users typically notified of the result within a few days. Thanks to the auto-fill function and optical character recognition (OCR) technology, users can fill in a lot less information when they purchase insurance policies on the platform. All they need is to insert their phone number and address.

In addition, all charges are transparent, with no hidden fees or small print in the contract. eKYC will make it easier for users to purchase not only travel insurance but also other insurance products such as life insurance on the platform in the future.

Mr. Chang concluded,

“At Wesurance, we deliver InsurTech services that allow insurance providers to offer the same simplicity and customer centricity that Hong Kong residents expect in other areas of their lives. Travel insurance policies are our first range of product. We plan to launch other insurance products on this platform at a later stage. We are confident that this mobile platform will transform the way consumers use insurance in Hong Kong.”

The Wesurance app can be downloaded from the iTunes App Store or Google Play in early December.