Hong Kong and digital disruption in insurance
Blue - the Hong Kong digital insurance joint venture owned by Aviva plc, Hillhouse Capital and Tencent Holdings has opened, with plans to shake up the insurance market with zero commission, easy-to-use, digital insurance.
Hong Kong customers will be able to buy term life and critical illness products directly online. Aviva is viewing this as a significant change in a market until now dominated by intermediaries. Blue is ideally suited to customers who want to take charge of their own insurance protection.
Blue combines Aviva's insurance and digital expertise with Hillhouse's investment management capabilities and Tencent's technology, distribution and customer base.
The Hong Kong insurance market is one of Asia's largest and fastest growing. Chris Wei, Executive Chairman of Aviva Asia and Aviva Digital, commented ' Hongkongers are incredibly mobile and tech-savvy, yet the insurance market has been the most traditional in Asia. Until now. Our new digital life insurance brand in Hong Kong, Blue, will offer insurance that customers can buy directly from their mobile phones, without intermediaries - and the commissions!'