Bowtie
2017
Bowtie Life Insurance Company Limited
Hong Kong Top Service Brand (2023)
Virtual Insurance, Health Check Referral Service
Virtual Insurance (Medical Insurance, Life Insurance, Critical Illness Insurance), Health Check Referral Service (General Body Check, Eye Examination, Maternity Examination)
1/F, Queen's Centre, 58-64 Queen's Road East, Wan Chai, Hong Kong
3008 8123
cs@bowtie.com.hk
"Trust" is crucial to an insurance company; by continuously building brand trust, Bowtie opens up a new horizon of medical insurance, making insurance truly affordable and no longer out of reach. — Mr Fred Ngan, Co-Founder and Co-CEO of Bowtie
Founded in 2017, Bowtie is the first virtual insurer in Hong Kong. With a vision of bridging the health protection gap and transforming the way people access healthcare, Bowtie combines modern technology and medical expertise, offering a commission-free and convenient online platform for customers to quote, apply for, and lodge claims on health insurance plans anytime and anywhere. Currently, Bowtie has raised more than HK$680 million funding and provided over HK$60 billion insured value to customers.
Up to May 2023, Bowtie had accumulated more than 90,000 customers, and its annual recurring revenue reached HK$170 million. The premium income of VHIS (Voluntary Health Insurance) products amounted to HK$80 million, whereas the income of group medical insurance products, which serve more than 500 SMEs and technology-intensive enterprises like virtual banks, telecommunications companies and airlines, also recorded a 100% year-on-year growth.
While achieving business growth, Bowtie strives to maintain excellent customer service. In 2022, a total of more than 50,000 customer inquiries were processed with an average satisfaction score of 93% achieved. About 90% of customers were able to complete insurance application online by themselves. As of December 2023, the successful approval rate of claims for all its personal insurance products exceeded 98%.
Bowtie is committed to reshaping the insurance landscape through technology and filling the gap in the health protection market. It took the lead to introduce direct sales to local insurance market; and driven by the Brand, the ratio of policy sales via direct distribution channels (including online and other channels) in Hong Kong has nearly tripled from 2.9% in the early years to the current 8.5%, bringing the industry to a new stage of development.
