Bowtie Life Insurance

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Bowtie Life Insurance is an online insurance company based in Hong Kong. [1] [2] [3]

History

Bowtie Life Insurance was founded by Fred Ngan and Michael Chan. [4] [5]

In 2018, Bowtie raised HK$234 million (US$30 million) in Series A funding, with investors including the Sequoia-associated HK X-Technology Fund and Sun Life Insurance. [6] [7] [8] In December 2018, Bowtie received a license as a virtual insurance company from the Insurance Authority of Hong Kong, becoming the first virtual insurance company in Hong Kong. [9] [10] The following year, Bowtie began providing life insurance products. [4]

In March 2021, Bowtie established a public café, Bow Coffee, in Wan Chai, in order to have a place for discussion on insurance policies. [5] [11]

In July 2021, with the help of JP Partners Medical, Bowtie opened a service centre in Wan Chai. [12] In October 2021, Bowtie raised US$22.6 million from multiple investors, including Mitsui and Co. [11] [12]

As of 2024, Bowtie has provided US$11.5 billion worth of life and medical protection insurance in Hong Kong since its inception. [13]

References

  1. ↑ Chew, Seen Meng; Thomas, Hugh; Yeh, Jason (20 November 2023). "Bowtie Hong Kong: An Entrepreneurial Venture to Digitize Insurance". Ivey Publishing .
  2. ↑ "Hong Kong's first licensed digital insurer Bowtie raises $30m". Financial Times .
  3. ↑ "Bowtie Life Insurance Profile". Bloomberg.com .
  4. 1 2 Yiu, Enoch (December 20, 2018). "Meet Bowtie, Hong Kong's first approved online-only insurer". South China Morning Post .
  5. 1 2 Yiu, Enoch (March 12, 2021). "'Latte with your life cover?' Virtual insurer opens coffee shop in Hong Kong". South China Morning Post .
  6. ↑ Russell, Jon (December 20, 2018). "Bowtie raises $30M to bring the digital insurance model to Hong Kong". TechCrunch .
  7. ↑ Atifi, Nur (20 December 2018). "Hong Kong insurtech nabs $30m in series A funding led by Sun Life". Tech in Asia .
  8. ↑ "Hong Kong issues 1st digital-only insurance license to startup Bowtie Life". S&P Global .
  9. ↑ "Hong Kong gives first online-only insurance license". Reuters .
  10. ↑ "Bowtie Life Insurance Company Limited | HKTDC Belt and Road Portal".
  11. 1 2 Yiu, Enoch (December 5, 2021). "Hong Kong's digital insurers target tech-savvy clients, but no match for traditional firms". South China Morning Post .
  12. 1 2 Yiu, Enoch (October 19, 2021). "Bowtie raises US$22.6 million in Series B funding, led by Mitsui". South China Morning Post .
  13. ↑ Yiu, Enoch (30 May 2024). "More Hongkongers buying policies from digital insurers, with lots of room left for growth, Bowtie boss says". South China Morning Post .
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