Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

HK insurance firm launches Digital Enrolment System

In a bid to ‘customers first’ and focus more on understanding customer needs, a Hong Kong insurance company is rolling out a non-face-to-face sale process (the ‘Digital Enrolment System’) for new applications for Qualifying Deferred Annuity Policy and VHIS Products.

This was done considering the novel coronavirus (COVID-19) outbreak and aligning with the Insurance Authority’s temporary facilitative measures. The platform will help customers to purchase tax-deductible products in a safe and convenient environment before 31 March 2020, so as to enjoy tax concession for the assessment year.

Hong Kong residents who are staying in Hong Kong can easily apply for the firm’s ‘Voluntary Health Insurance Scheme’ (VHIS) and ‘Qualifying Deferred Annuity’ products digitally.

The company’s financial consultants will provide support and explain the product details and relevant information to customers via digital means, such as phone, email to assure they will fully understand these products before choosing the right protection.

The company’s financial consultants will also assist customers in the application process, making the entire procedure easier and more flexible during this period.

Alternatively, customers can also choose to submit their applications by mail or meet with a financial consultant to complete the sales process in accordance to their preference and personal circumstances.

The Chief Executive Officer of the firm’s Hong Kong and Macau branch stated that the firm began offering the Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Plan last year and they have been well-received in the market and have gained encouraging results.

For VHIS, 90% of those insured have chosen their flexi-plan and nearly 40% of the VHIS customers aged 20-39. The figures reflect the strong demand from customers for comprehensive medical protection and show that more young people are concerned about their health and wellbeing.

For the firm’s qualifying deferred annuity plan, most customers who purchased the plan are under 55 showing their intent to use the product to save up to achieve their life goals and to prepare for their retirement.

In view of the current coronavirus situation, the Digital Enrolment System was launched in view of the Insurance Authority’s temporary facilitative measures and to enable customers to apply for insurance protection in a safe environment.

Insurance Authority introduces temporary facilitative measures to reduce the risk of virus infection

In view of the recent novel coronavirus outbreak, the Insurance Authority (IA) announced a set of temporary facilitative measures to reduce the risk of infection from face-to-face meetings between intermediaries and their clients.

These temporary facilitative measures cover only Qualifying Deferred Annuity Policy and Voluntary Health Insurance Scheme products which are eligible for a tax deduction in the 2019–20 assessment year.

With immediate effect, insurers and intermediaries may dispense with the need to conduct a Financial Needs Analysis in the selling process of these products, provided that they have duly performed upfront disclosure of important information with their clients and applied an extended cooling-off period that lasts no less than 30 calendar days for the delivery of policy documents through the mail and for policyholders to seek professional advice if found necessary.

Furthermore, insurers and intermediaries must continue to adhere strictly to the principle of fair treatment of customers. The measures will last until the end of the current tax assessment year, which falls on 31 March 2020.

Specifically, the relief measures for targeted policyholders rolled out by individual insurers include an extended grace period of premium payments of up to 180 days; expanded medical coverage and relaxed hospital restrictions; simplified and expedited claim procedures; hospital cash benefit, death benefit and other concessionary benefits.

The IA will maintain a close dialogue with industry stakeholders and the relevant regulators to explore other similar measures that could allow potential policyholders to acquire products that suit their needs with greater ease while ensuring that their interests are properly protected.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.