Insurtech company Bowtie Life Insurance Company Limited (Bowtie) has raised HK$234 million ($30 million) in its Series A round from insurance firm Sun Life Hong Kong Limited.
Alongside the funding, the company also announced that it received a virtual insurance company licence by Hong Kong’s Insurance Authority.
Bowtie is the first company to have been granted a virtual insurance licence by Hong Kong’s Insurance Authority under its Fast Track pilot scheme. The license will allow it to offer insurance protection directly to customers, without any insurance intermediaries.
“Our market research is telling us Hong Kong consumers would love to be able to sign up for health insurance and submit claims online, but the industry has not fully embraced digital technology to optimize the consumer experience. This is exciting because we get to reinvent the very structure of an insurance company and replace everything with modern technology,” said Bowtie Co-CEO and Co-founder Michael Chan.
Founded by Chan and fellow co-CEO and co-founder Fred Ngan in 2017, Bowtie has been garnering engineering talent from local and Silicon Valley technology startups, as well as industry leaders including former C-suite executives from major insurance companies.
Commenting on its investment in Bowtie, Sun Life Hong Kong CEO said: “As part of our digital transformation strategy, this is a strategic investment by Sun Life in a Hong Kong based start-up that strengthens our market position. Our investment complements our business, while enabling new distribution modes through the latest technology and digital innovations.”
The investment secured by Bowtie follows that of local competitor OneDegree. In September, the company announced it raised a HK$100 million ($13 million) Series A funding from a group of over 10 investors,