Hong Kong-based InsurTech platform Bowtie has secured HK$234m ($30m) in Series A investment round from Sun Life and others.
Sun Life was joined in the round by the Pony Ma- and Neil Shen-backed Hong Kong X Technology Fund as well as the Cyberport incubation programme, according to its website.
Through its online insurance platform, Bowtie offer access to insurance products with zero commission and without the use of insurance agents, banks or insurance brokers. The company has also planned to offer commission-free health insurance other insurance protection coverage.
Bowtie was granted Hong Kong’s first virtual insurance company license earlier this month, after the country’s Insurance Authority launched the scheme last year.
Sun Life Hong Kong chief executive officer Fabien Jeudy said, “Sun Life’s strategic investment in Bowtie, Hong Kong’s first virtual insurer approved under the Fast Track, has marked a milestone in our history in Hong Kong, as well as the Insurtech era in the city.
“It is part of our digital transformation strategy to make investments in early-stage businesses that have the potential to transform the insurance industry, and the investment in Bowtie is a great reflection of our belief in technology and innovative ways to provide protection solutions.”
Earlier this month events industry-focused InsurTech TicketGuardian raised $8m in a Series A round, while insurance software designer Remedy Partners was backed by New Mountain Capital.
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