Bowtie Life Insurance Company Limited (Bowtie) today announces that it has been granted the very first virtual insurance company license by Hong Kong's Insurance Authority under its Fast Track pilot scheme. As a home-grown insurtech and now a fully-licensed virtual insurance company, Bowtie is set to offer insurance protection directly to customers, without any insurance intermediaries.
Bowtie is backed with HK$234 million (US$ 30 million) raised in its Series A round from Sun Life Hong Kong Limited and has a shareholder base that includes Hong Kong X Technology Fund and angel investors.
Ngan and fellow Co-CEO and Co-founder Michael Chan are serial entrepreneurs who grew up in Hong Kong. They first met in the United States where they worked as actuaries in global advisory firms. After returning to Hong Kong, this duo have already built two successful insurtech start-ups in a few short years prior to founding Bowtie.
Bowtie has been garnering engineering talent from local and Silicon Valley technology start-ups, as well as industry leaders including former C-suite executives from major insurance companies. The team is 100% based in Hong Kong and comprises actuaries, engineers, designers, a strong service team and even a medical doctor.
Pending Food and Health Bureau's approval, Hong Kong consumers can expect to see health insurance products on Bowtie's digital distribution platform during the first half of 2019 when the Voluntary Health Insurance Scheme (VHIS) begins accepting customer applications.