Wesurance, a Hong Kong-based InsurTech company, today announced the launch of a new version of its mobile insurance app, jointly with Allied World Assurance Company, Ltd and TransUnion. The launch came seven months after the three companies joined hands to offer the first Wesurance app, which is the industry’s first mobile platform for insurance purchasing and claiming. The new Wesurance app provides a series of unique features, including those that allow users to extend the covered period in seconds, contact SOS Hotline via the IP network, authorise young people under 18 to purchase insurance policies and activate and end their insurance policies with GPS geo-aware technology.
Eddie Chang, Chief Executive Officer of Wesurance, said, “The latest Wesurance app is designed to provide greater flexibilities for consumers when selecting their travel insurance-on-the-go. The penetration rate of the insurance market in Hong Kong is around 30%, which is relatively low when comparing with nearby markets such as China and Japan which are at over 60%. This is mainly because many consumers find that the process of purchasing and claiming is complicated and the premiums are high. Our platform addresses these issues by enabling consumers to purchase, change the covered period, seek for support and make claims within a few minutes, which is perfect for our young digital generation.”
The first Wesurance app launched last year provides a helpful artificial intelligence (AI)-powered personal assistant, ms.AMY, to walk users through the purchasing and claiming process from start to finish and uses eKYC and its facial recognition technology to verify a user’s identity.
The new platform comes with a number of industry’s first features. Firstly, consumers may edit the start date of their insurance policy prior to departure and extend it before their policies expire. The daily rates are fixed to save users’ time from contacting the insurance company and waiting for a quotation.
Secondly, users will receive reminders to activate or deactivate their policies when they are at the Hong Kong airport, thanks to the platform’s geo-aware technology that can detect the user’s location via GPS. This feature is ideal for frequent travellers or busy Hong Kong people who forget to purchase insurance before their travel.
By deploying IP technology, the new platform allows users to call the 24-hour emergency hotline to seek for help or information via the mobile network or wifi, hence avoiding high roaming charges and greatly enhancing user experience.
Realising that more and more teenagers are traveling overseas independently for study or other reasons, Wesurance introduces a unique feature to the new platform that allows parents or guardians to authorise people under 18 to purchase their own policies. Currently most insurance companies require people to be over 18 to purchase policies. The new Wesurance app allows an adult user to connect his/her account with a teenager’s account. He/She will receive a message when the teenager purchases an insurance policy.
Wesurance is also launching eight new insurance plans to meet the different needs of customers, including the local industry’s first personal accident insurance plan for water sports and hiking, a “relaxed plan” (suitable for leisure travellers with affordable pricing), “sweet plan” (two-person to share the cost of the premium), “executive plan” (more flexibilities for business travelers) and “self-driving plan” (doubling the compensation protection for accident involving self-driving).
Mr. Chang concluded, “We will continue to observe the market needs and work closely with Allied World Assurance Company, Ltd to launch other general insurance products. We are also exploring the use of advanced technologies such as blockchain to provide more innovative and customised services to our users. Our aim is to establish Wesurance as the preferred insurance brand for the next generation and launch the platform in other markets, helping to drive the development of InsurTech around the region.”
The new Wesurance app can be downloaded from the iTunes App Store or Google Play.
For further information about Wesurance, please visit www.wesurance.com.hk or https://www.facebook.com/wesurance/.
