Bowtie Life Insurance
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Bowtie Life Insurance is an online insurance company based in Hong Kong.[1][2][3]
History
[edit]Bowtie Life Insurance was founded by Fred Ngan and Michael Chan.[4][5]
In 2018, Bowtie raised HK$234 million (US$30 million) in Series A funding, with investors including the Sequoia-associated HK X-Technology Fund and Sun Life Insurance.[6][7][8] In December 2018, Bowtie received a license as a virtual insurance company from the Insurance Authority of Hong Kong, becoming the first virtual insurance company in Hong Kong.[9][10] The following year, Bowtie began providing life insurance products.[4]
In March 2021, Bowtie established a public café, Bow Coffee, in Wan Chai, in order to have a place for discussion on insurance policies.[5][11]
In July 2021, with the help of JP Partners Medical, Bowtie opened a service centre in Wan Chai.[12] In October 2021, Bowtie raised US$22.6 million from multiple investors, including Mitsui and Co.[11][12]
As of 2024, Bowtie has provided US$11.5 billion worth of life and medical protection insurance in Hong Kong since its inception.[13]
References
[edit]- ^ Chew, Seen Meng; Thomas, Hugh; Yeh, Jason (20 November 2023). "Bowtie Hong Kong: An Entrepreneurial Venture to Digitize Insurance". Ivey Publishing.
- ^ "Hong Kong's first licensed digital insurer Bowtie raises $30m". Financial Times.
- ^ "Bowtie Life Insurance Profile". Bloomberg.com.
- ^ a b Yiu, Enoch (December 20, 2018). "Meet Bowtie, Hong Kong's first approved online-only insurer". South China Morning Post.
- ^ a b Yiu, Enoch (March 12, 2021). "'Latte with your life cover?' Virtual insurer opens coffee shop in Hong Kong". South China Morning Post.
- ^ Russell, Jon (December 20, 2018). "Bowtie raises $30M to bring the digital insurance model to Hong Kong". TechCrunch.
- ^ Atifi, Nur (20 December 2018). "Hong Kong insurtech nabs $30m in series A funding led by Sun Life". Tech in Asia.
- ^ "Hong Kong issues 1st digital-only insurance license to startup Bowtie Life". S&P Global.
- ^ "Hong Kong gives first online-only insurance license". Reuters.
- ^ "Bowtie Life Insurance Company Limited | HKTDC Belt and Road Portal".
- ^ a b Yiu, Enoch (December 5, 2021). "Hong Kong's digital insurers target tech-savvy clients, but no match for traditional firms". South China Morning Post.
- ^ a b Yiu, Enoch (October 19, 2021). "Bowtie raises US$22.6 million in Series B funding, led by Mitsui". South China Morning Post.
- ^ Yiu, Enoch (30 May 2024). "More Hongkongers buying policies from digital insurers, with lots of room left for growth, Bowtie boss says". South China Morning Post.