ZA Life, an InsurTech joint venture between Fubon Life Hong Kong and ZhongAn Technologies International (ZA International), has announced that the Hong Kong Insurance Authority has authorized it to conduct online insurance business.
“With the timely fast-track scheme of the insurance authority, insurance institutions have been given a great opportunity to steer and nurture the development of InsurTech,” says Jerry Chou, chief executive ofﬁcer of Fubon Life Hong Kong and director of ZA Life. “Based on these favourable conditions, Fubon Life Hong Kong and ZA International have worked together to form the joint venture in the territory to provide consumers with self-managed life insurance services.
“With ZA International’s track record in providing digital insurance services and Fubon’s experience in ﬁnancial and insurance planning, the joint venture will bring together our strengths […] and allow us to expand our reach to meet the growing mobile customer segment who prefers to purchase digitally.”
Fubon Life Hong Kong, which holds 35% of ZA Life, and ZA Life will operate independently.