The strategic investment in Insurtech start-up Bowtie reflects Sun Life’s commitment to digital transformation
Sun Life Hong Kong Limited (“Sun Life”) today announced that it has completed a strategic investment in Bowtie Life Insurance Company Limited (“Bowtie”). Bowtie is the first virtual insurer approved under the Fast Track1 of the Insurance Authority in Hong Kong. The investment in the first virtual insurer in Hong Kong approved under the Fast Track1 will further solidify Sun Life’s effort to become a leading insurance company at the forefront of innovation.
Bowtie will offer insurance products in or from Hong Kong through its digital distribution channels in the first half of 2019, without the use of any conventional channels involving insurance agents, banks or insurance brokers. Sun Life is an investor of Bowtie, however, the two companies remain separate entities, and Bowtie will operate independently from Sun Life.
Fabien Jeudy, Chief Executive Officer, Sun Life Hong Kong Limited, said, “Technology innovations have changed the way we access insurance and manage our financial needs. Financial institutions must proactively reinvent to meet changing client expectations. At Sun Life, we strive to transform our business to stay ahead of the game by applying digital technologies in operational efficiency, product distribution and creating value for our Clients. Sun Life’s strategic investment in Bowtie, Hong Kong’s first virtual insurer approved under the Fast Track1, has marked a milestone in our history in Hong Kong, as well as the Insurtech era in the city. It is part of our digital transformation strategy to make investments in early-stage businesses that have the potential to transform the insurance industry, and the investment in Bowtie is a great reflection of our belief in technology and innovative ways to provide protection solutions. Bowtie will create a scalable platform that offers insurance products and services to the new generations. I believe this investment and potential future collaboration with Bowtie will strengthen Sun Life’s position in Hong Kong and accelerate our digital transformation roadmap.”
1 Fast Track refers to the pilot scheme launched by the Insurance Authority of Hong Kong on September 29, 2017. It is a fast track for applications for authorizations of new insurers owning and operating solely digital distribution channels.