Manulife Hong Kong launches InsurTech solution in response to COVID-19

Source: IBS Intelligence 2020-06-16

Manulife Hong Kong announced today the launch of a ‘Virtual Face-to-Face’ agency sales platform, which is an InsurTech solution, for all Manulife individual insurance products in the country, except investment-linked assurance schemes. The platform enables customers to buy long-term insurance policies through the company’s individual insurance agents.

The requirement of being physically present and the need for a wet-ink signature is eliminated and, the solution offers convenience and security to the customer wanting to purchase insurance products.

Damien Green, Chief Executive Officer of Manulife Hong Kong and Macau enunciated, “We’ve continued to see a strong demand for insurance products as people become more health-conscious and think of their protection needs due to the COVID-19 pandemic.”

“The recent facilitative measures and Insurtech Sandbox from the Insurance Authority have created a prime opportunity for us to do the right thing for customers, breaking the short-term constraint on face-to-face meetings with a new insurtech solution. It has the potential to become a meaningful alternative to traditional in-person face-to-face meetings, for customers who want choices and greater ease and convenience.”

Manulife’s Virtual Face-to-Face sales solution was developed following the Insurance Authority’s announcement of temporary facilitative measures in response to the COVID-19 pandemic that allows consumers to purchase certain insurance products without attending a physical meeting in person with an insurance agent.

With the InsurTech solution, new as well as existing customers can virtually meet with Manulife’s agents via highly secure video chat and purchase a wide range of Manulife individual insurance products.

Manulife’s Virtual Face-to-Face sales solution enables customers and agents to discuss financial needs and product benefits through the use of video conferencing and screen sharing via an encrypted network. To protect the interests of all involved parties, the platform will enable recording in real-time for record-keeping, with the consent of the customer. E-signatures and document sharing will be conducted securely using an e-signature technology tool.

Manulife Hong Kong launches InsurTech solution in response to COVID-19

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