The global data science firm, known for applying advanced technology to financial services, invests in and partners with the city’s first virtual general insurer, building the future of insurtech in Hong Kong
8 April 2020, Hong Kong – Avo Insurance (Avo), the first-of-its-kind virtual provider of general insurance in Hong Kong, today announces its partnership with Two Sigma, the New York-based firm known for the use of artificial intelligence, machine learning and data science in financial services. Two Sigma is investing in and providing technological support for Avo. The strategic partnership will support the development of insurtech in Hong Kong through innovative digital insurance solutions.
The partnership is built on the shared vision that data can advance the virtual insurance experience. Two Sigma is expected to provide data analytics and technology support in four key areas: data analytics, precision marketing and channel optimisation, dynamic pricing and fraud detection. Combining Avo’s extensive industry knowledge with Two Sigma’s technology, the partnership will create a new insurance model that will set a precedent for the future of virtual insurance.
Kenny Lam, CEO of Two Sigma Asia Pacific, shares his excitement about the partnership, “Two Sigma has been applying data science and advanced technology to financial services for close to 20 years. It is the first time for Two Sigma to invest in a new venture in Hong Kong, and we look forward to the strategic partnership with Avo Insurance. The insurance industry is changing rapidly, and with our experience, we hope to help advance unique insurtech initiatives, supporting the insurance industry development in Hong Kong.”
The partnership will enrich Avo’s offerings, from the variety of protection products to the virtual insurance journey for consumers, substantially enhancing the current business model and risk assessment process. With the vision of enabling everyone to live a fruitful life, Avo will continue to introduce more precise and cost-effective insurance plans that are compatible with various daily scenarios in real-time.
Winnie Wong, Executive Director and CEO of Avo Insurance, comments, “The insurance industry has entered a new age. Leveraging the experience and technological support of Two Sigma, Avo is determined to deliver breakthroughs to the traditional advisory model and usher in a digital experience that fits our clients’ needs. As the first general virtual insurer in Hong Kong, we are ready to transform the insurance client experience by continuously investing in cutting-edge technology.”
Avo will continue to find ways to evolve and develop a seamless, engaging and optimised virtual insurance experience, starting a new chapter in the local insurance landscape. This partnership represents an important milestone towards that aspiration.
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About Avo Insurance
Avo Insurance (Avo) is the first-of-its-kind virtual provider of general insurance in Hong Kong, combining in-depth industry knowledge with advanced technologies to provide diverse, affordable, convenient and innovative insurance solutions. With a mission to allow everyone to be insured anytime, anywhere, with just the click of a button, Avo aims to bring digital-savvy customers a seamless and integrated virtual insurance journey. Insurance should no longer be a cumbersome process but an easy way to allow everyone to “Live a Fruitful Life”!
About Two Sigma
Two Sigma’s mission is to find value in the world’s data. Its clients in investment management, insurance, securities, private investments, and venture capital benefit from its research-led data science approach and advanced technology. The company was founded in 2001 by co-chairmen David Siegel and John Overdeck with a belief in the power of the scientific method. Today, Two Sigma has over 1,700 employees and offices in New York, Houston, London, Hong Kong, Shanghai, and Tokyo. For more information, please visit www.twosigma.com.