Due
to disruption in the market, technology and innovation coupled with consumer
expectation, the insurance industry in Honk Kong is dynamic and ever changing.
More focus is given to sales, bottom – line profitability and competing with
new entrants. Major insurers in Honk Kong are facing a sharp increase in their
gross premiums. This was mainly attributed to higher sales in bancassurance and
broker channels. Of recently, Honk
Kong’s Insurance Authority launched flagship programs called the Sandbox and
Fast Track which opened gates for many insurers to lesser regulations in their
operations and paved way for collaborations with insurtechs in an encouraging
manner. These initiatives will help Honk Kong keep pace with China’s speed of
innovation in insurance. Sandbox gives an encouraging environment for insurers
to innovate their services without having to be subject to full compliance with
Insurance Authority.
Honk
Kong has one of the world’s longest life expectancies and this can pave way for
innovations in the field of life insurance. Since the people of Honk Kong are
highly tech – savvy, it puts the insurers in a position to provide advanced –
stage insurance products to keep up with their expectations. This year is
expected to be high - lighted with innovation in insurance, whereas speed and
adaptability are the key elements to succeed in the market. Though insurtech is
new in the market, the insurers and the people are showing high levels of
acceptance. Among the insurers who already have adapted to digitalisation and
innovation in their services, it was observed that data analytics have been
used to study monitor and provide personalised solutions to the clients.
Customer centric approach is a priority to many insurers. Chatbots with AI have been employed by
various insurers; rigorous training and development has also been given to the
employees to help them innovate with customer and user centric approaches as
their motto.
Ken
Research’s Governance,
Risk and Compliance-The Hong Kong Insurance Industry provides an
overview of the insurance regulatory framework in Honk Kong. It gives the
latest key changes, and changes expected in the country's insurance regulatory
framework. The report provides key regulations and market practices related to
different types of insurance product in the country and rules and regulations
pertaining to key classes of compulsory insurance, and the scope of
non-admitted insurance in Honk Kong. The key parameters including licensing
requirements, permitted foreign direct investment, minimum capital
requirements, solvency and reserve requirements, and investment regulations and
details of the tax and legal systems in the country are detailed in the report.
To know more, click on the link below:
Contact Us:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-9015378249
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