Virtual insurer surpasses HK$60b sales in four years

This made the virtual insurer top rank in direct sales channels in terms of policies sold.

Bowtie, Hong Kong’s first digital insurance, has reached more than HK$60b in total insured amount since its launch four years ago.

This made the virtual insurer top rank in direct sales channels on the basis of the number of policies sold, the insurer said in a press release.

Overall recurring revenue has surpassed HK$170m, showing growth of over 100% in the previous year.

For the voluntary health insurance scheme (VHIS), the company’s premium income accumulated HK$80m in 2022.

Bowtie forecasts VHIS to reach HK$100m for 2023, influenced by in-force VHIS policies reaching more than 20,000.

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Bowtie has contributed to direct channel market share by threefold, reaching 8.5%, a feat achieved in unison with its industry counterparts.

Bowtie's milestone was attributed to the more than 90,000 customers, it said in a press release. 

In the previous year, the insurer managed and addressed over 50,000 customer inquiries, resulting in a noteworthy satisfaction rating of 93%. Furthermore, its streamlined online platform empowered approximately 90% of customers to effortlessly complete their insurance applications independently.

In the past 12 months, Bowtie's claim data reveals an approval rate of over 99.7%. 

For VHIS products, the reimbursement ratio stands at 88%, whilst its high-end plan, Bowtie Pink, achieved a reimbursement ratio of approximately 100%. 

Despite a fourfold increase in claim cases, Bowtie has managed to maintain and enhance its claim turnaround time.

Bowtie prioritises customers' long-term health by promoting preventive care, resulting in an outstanding retention rate of nearly 94%.