AXA intends to invest HK$200 million (US$25.48 million) in financial technology development in Hong Kong this year, a senior company executive revealed.
According to Koh Yi Mien (pictured), managing director of health and employee benefits at AXA Hong Kong, the insurer already invested HK$65 million in fintech in 2017.
Koh shared that the firm would launch a digital platform this autumn that will allow customers to buy products as well as check their balances and submit claims online.
That platform costs approximately HK$200 million. AXA’s plans mean that it has joined rival insurers such as AIA, Manulife, MetLife, and HSBC in stepping up efforts to promote digitalisation.
This enhancement of digital capabilities is a response from the Insurance Authority of Hong Kong’s call in September last year for insurers to promote insurtech to cut costs and provide better services to policyholders.
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