HONG KONG, Oct. 28, 2021 /PRNewswire/ — Fubon Life Insurance (Hong Kong) Company Limited ("Fubon Life Hong Kong") and the insurance technology company, CoverGo, today jointly announced the launch of Fubon Life Hong Kong’s e-Channel, https://echannel.fubonlife.com.hk, offering customers in Hong Kong an additional choice to purchase personal life insurance through a self-directed and digital means.
Mr Jerry Chou, CEO of Fubon Life Hong Kong, said, "Online distribution has been playing an emerging role in the market and more consumers are switching to purchase digitally during the pandemic moments. To develop our capability in financial technology is one of the critical paths to meet our customers’ needs and enhance customer experience. Fubon Life Hong Kong is committed to investing in the infrastructure to provide better products and services for our customers.
Fubon Life Hong Kong is glad to appoint CoverGo which is instrumental to our successful launch of the e-Channel. With CoverGo’s support, it helps us enhance customer experience and gain a competitive advantage. CoverGo’s no-code, api-driven and modular technology allows Fubon Life Hong Kong to develop the e-Channel which is scalable, efficient and fits for our business needs. It also enables an improved seamless digital user experience for Fubon Life Hong Kong customers, such as faster onboarding and streamlining policy application process."
The first product available on the e-Channel is "PowerSave 3-Year Insurance Plan1". This plan provides life protection with savings element to meet customers’ need of saving up for the future, which is suitable for those who pursue a steady return to implement short-term plans. It provides extremely attractive return as compared to current similar insurance products of same tenure. Customers will be able to obtain instant quotes and submit applications for this savings insurance plan which offers up to 2.38%2 guaranteed annual return upon the end of 3 years. No health declarations is required and each customer can apply for a maximum amount of HK$1m, which is the Nominated Amount, in total. This is a limited offer.
Mr Tomas Holub, CEO of CoverGo, said, "We are delighted to assist Fubon Life Hong Kong on their journey towards digital transformation. Fubon Life Hong Kong has shown a clear commitment to innovate and address the changing customers’ needs by adopting CoverGo’s cutting-edge no-code platform. Insurance companies across the globe are turning to CoverGo to enable omni-channel distribution and digital policy administration in an agile and scalable way. We look forward to more collaboration with Fubon Life Hong Kong in an effort to make insurance digital and accessible to everyone.
For the key product risks and detailed terms and conditions, please refer to the product factsheet and the Policy Provisions.
2.38% refers to the guaranteed return per annum at Policy maturity, calculated based on (i) 0.3% premium discount on 1st year annual premium, and (ii) 3% prepayment discount for the 2nd year annual premium being prepaid where (ii) is applicable to Policies with premium mode of Annual with Prepayment. There is no withdrawal or partial surrender before Policy maturity.
Promotional Video (only available in Chinese version)
For product details, please visit our e-Channel https://echannel.fubonlife.com.hk.
About Fubon Life Hong Kong
Fubon Group was established in 1961 with headquarters based in Taiwan. The group has diversified business in financial services, property development, telecommunications & media, culture & creative sector, health management and philanthropy. As the key business unit of the group, Fubon Financial Holding Co., Ltd ("Fubon Financial Holdings") (TWSE stock code: 2881) is a leading financial holding company offering banking, property and casualty insurance, life insurance and security brokerage services.
Fubon Life Insurance Company Limited ("Fubon Life Insurance"), which is a wholly owned subsidiary of the Fubon Financial Holdings, is a leading insurer in Taiwan. In Hong Kong, Fubon Life Insurance (Hong Kong) Company Limited ("Fubon Life Hong Kong"), a wholly owned subsidiary of Fubon Life Insurance, was authorized as a long term insurer in 2016. Through diversified sales channels, Fubon Life Hong Kong is committed to satisfying customers’ needs in savings, protection and financial planning.
CoverGo is the insurance industry’s first fully configurable, modular, no-code, enterprise-grade insurance platform powered by 500+ insurance APIs to enable digital insurance transformation. It allows insurance companies and banks to overcome their legacy IT systems, adopt omni-channel distribution strategy and streamline policy administration, customer onboarding and claim processes.
CoverGo has helped insurance organizations of all sizes launch and scale innovative products across all insurance lines faster and at a lower cost, with personalized user experiences to better serve their customers. CoverGo is already working with insurance companies, banks, and delivery partners across three continents.