China-based online insurance startup Bowtie has disclosed HK$234m ($30m) of series A funding from investors including insurance and asset management group Sun Life.
Incubator and investment fund Hong Kong X Technology Fund also participated in the round, as did unnamed angel investors.
Bowtie offers paperless life insurance plans to customers through an app without going through intermediaries. It revealed the funding alongside news that it has secured the first virtual insurance licence to be granted by Hong Kong’s Insurance Authority.
The company intends to add health insurance to its offering in early 2019 as part of Hong Kong’s Voluntary Health Insurance Scheme, once it receives regulatory approval from the Hong Kong Food and Health Bureau.
Fabien Jeudy, chief executive of Sun Life Hong Kong, said: “As part of our digital transformation strategy, this is a strategic investment by Sun Life in a Hong Kong based startup that strengthens our market position.
“We believe in Bowtie’s vision and commitment to enhancing the customer experience. Our investment complements our business, while enabling new distribution modes through the latest technology and digital innovations.”
