Bowtie Life Insurance (Bowtie) celebrates its second anniversary as the virtual insurer announcing it has hit HK$10 billion in insured value in just 2 years, providing protection to over 30,000 customers across Hong Kong. While the insurance market was down by almost 40% in terms of premiums in 2020, Bowtie grew rapidly amid the pandemic, achieving an outstanding 10x growth in its insured value, as well as a 25% month-on-month sales growth.
Right from day one, Bowtie strives to be a purpose-driven insurance company to bridge the health protection gap in Hong Kong. This started with the principle of ensuring that Bowtie’s premiums fully go into protection, with no savings, no paperwork and no commissions.
Mr Fred Ngan, Co-founder and Co-CEO of Bowtie, said, “We are proud of building Bowtie from zero to 10 billion in just two years. We empower customers to access online insurance directly and instantly, making it simpler, more transparent and affordable. By leveraging modern technology, we will continue to accelerate our scale and become the top-of-mind health insurer in addressing the 6 trillion dollar protection gap1.”
As the first insurer to offer online Voluntary Health Insurance Scheme (VHIS) products, Bowtie is committed to further enhancing its products by listening to its customers and their claims experiences.
Mr Michael Chan, Co-founder and Co-CEO of Bowtie, said, “As a purpose-driven insurer, we stay true to our focus of delivering good, clean insurance products. The technology investments we’ve made allows Bowtie to keep its VHIS cost leader position. Our 10x growth shows that customers trust Bowtie. Our 90% coverage rate also proves that our products work for our customers. Looking back at Bowtie’s second birthday, we are particularly grateful to all our customers and partners who have trusted us. Hong Kong is facing many challenges, and we hope to be one piece of the solution in providing affordable access to quality healthcare.”
To learn more about the details, please visit: https://www.bowtie.com.hk/en/insurance/vhis/flexi