InsureTech Connect (ITC), the world’s largest InsurTech event first launched in Los Angeles, US, has joined forces for the very first time with Europe’s InsurTech conference leader Digital Insurance Agenda (DIA) to launch the ITC+DIA World Tour, the world’s first roving online InsurTech conference adapted for pandemic conditions. From 1 to 18 September, through 35 stops covering six continents, the World Tour brings together insurance heavyweights and InsurTech companies to share the latest developments in InsurTech around the world and to showcase innovative solutions. Cyberport is delighted to partner with InvestHK and Hong Kong Science and Technology Parks to host the ITC+DIA World Tour’s Hong Kong Stop on 10 September (Thursday).
The current pandemic and social distancing measures have accelerated the insurance industry’s digital transformation. The ITC+DIA World Tour’s Hong Kong Stop will invite regulators and industry experts to discuss how Hong Kong’s insurance industry can leverage technology to explore new business opportunities. Guest speakers include representatives of two Cyberport InsurTech start-ups: Alvin Kwock, CEO of OneDegree and Tomas Holub, CEO of CoverGo. OneDegree is one of the four licenced virtual insurers in Hong Kong and focuses on pet insurance, an area that has been overlooked by the market in the past. The company uses innovative technology to design new and cost-effective insurance products in order to release untapped market potential. CoverGo helps foster traditional insurance companies’ digital transformation through diversified application programming interfaces (APIs), which drastically cut the time firms take on insurance product design whilst balancing risks in claims assessments. Other guest speakers include Tony Chan, Associate Director of the Insurance Authority’s Policy and Development Division; King Leung, InvestHK’s Head of FinTech; Karim Hirji, Senior Vice President and Managing Director at Intact Ventures; and Haibin Li, CEO of Anlan Technology.
In addition to an expert panel, each stop of the World Tour will host a pitch competition for InsurTech start-ups. Five local start-ups will be selected to showcase their innovative solutions during the Hong Kong Stop. Two of them are Cyberport community members, namely HedgeSpa and Galileo Platforms. The winner will move on to the World Tour Pitch finals at ITC Global (21 to 23 September) to compete with winners from other stops, and to showcase Hong Kong’s InsurTech capabilities for the global insurance industry.
Eric Chan, Chief Public Mission Officer of Cyberport, said, “Hong Kong is the region’s insurance hub, and its InsurTech sector has seen rapid developments. We are delighted to organise the ITC+DIA World Tour’s Hong Kong stop. As Hong Kong’s FinTech hub, Cyberport houses nearly 400 FinTech start-ups, more than 30 of which are InsurTech related businesses. These include virtual insurance companies as well as solution providers helping traditional insurance companies with digital transformation in every aspect of their business. Through this mega international event, we hope the industry will gain a deeper understanding of the international InsurTech ecosystem development. We aim to provide a springboard for InsurTech companies to strive for growth opportunities, and to showcase their innovative solutions for the global insurance industry.”
King Leung, InvestHK’s Head of FinTech, said, “We are glad that Hong Kong is one of the stops for the ITC+DIA World Tour which is a great platform for facilitating the international exchanges on InsurTech. Hong Kong, being a resilient, diverse and growing fintech hub, its InsurTech development has also been extremely vibrant. Hong Kong has a sizeable insurance sector with 165 authorized insurers. Insurance Authority has also been proactively encouraging the development of InsurTech – through its dedicated Fintech Facilitation team, regulatory sandbox, fast track process for the virtual insurer license application, and more. Since Dec 2018, Insurance Authority has granted four virtual insurer licenses. Besides, the industry could access to the massive market of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) via the gateway of Hong Kong. Hong Kong has many important factors to fast-track the industry’s next success.”
The ITC+DIA World Tour features 35 regional stops from 1 to 18 September, including Australia, US, UK, Germany, China, Hong Kong, Singapore, Africa and many more. In addition to an expert panel featuring top local insurance industry and InsurTech leaders, each stop will host a pitch competition for local InsurTech start-ups, the winners of which will move on to the World Tour Pitch finals at ITC Global. Moreover, each stop will include a networking session where conference participants from all over the world can communicate with each other through the online platform, building their networks and exploring business opportunities.