Connect with us

Technology

Bowtie: From Startup To Top 10 Life Insurer in Just 5 Years

Published

on

HONG KONG, May 30, 2024 /PRNewswire/ — Bowtie, Hong Kong’s first virtual insurer[1], celebrated its fifth anniversary, staying true to its mission of addressing Hong Kong’s protection gap. Over the past 5 years, Bowtie has focused on providing high value protection for the people of Hong Kong, focusing on “commission-free, pure protection” insurance products.

With the Voluntary Health Insurance Scheme (VHIS) plans as Bowtie’s flagship offering, the product line has also expanded to include  life insurance products such as critical illness insurance (CI) and term life insurance (TL).

Ranked 1 in Direct, Ranked #10 in All Channels[2]

According to public information from the government, the total health expenditure of Hong Kong has exceeded HK$200 billion[3] in 2022, rising at a rate that has far outpaced GDP growth. This has created immense resource pressures for the healthcare system. While healthcare costs continue to rise rapidly, many in Hong Kong still do not have health insurance: according to the Census and Statistics Department, nearly 3.5 million residents, about half of the city’s population, do not have employee medical benefits or personal medical insurance coverage[4].

As the strain on public healthcare resources increases and household out-of-pocket spending on medical expenses continues to climb[5], health insurance products that finance private healthcare are becoming increasingly important and necessary.

In the last fiscal year, the insurance industry sold 175,000 VHIS policies in Hong Kong, bringing the total number of in-force policies to 1.2 million. Bowtie captured approximately 5% of the new VHIS policies, with over 1,000 new VHIS customers signing up every month.

With consumer behaviour shifting from offline to online channels, and attracted by the high value-for-money, customer tend to trust and choose Bowtie’s VHIS plans, particularly among the younger population[6].

Apart from VHIS products, Bowtie’s supplementary insurance products have seen very high growth. 75% of CI customers opt for the newly launched “Term CI Early Stage and Multiple Cover” product; while 30% of TL customers are choosing the highest sum assured of HK$8 million, reflecting the trust built up by the brand and customer demand for Bowtie to offer higher end products. In response, Bowtie increased the maximum sum assured to HK$20 million last year[7].

Furthermore, leveraging on the highly competitive group medical and wellness solutions, Bowtie is currently serving 20,000 employees and 500 companies. Clients include virtual banks, telecommunication companies, airlines, and non-governmental organisations.

Overall, Bowtie’s customer base grew to around 140,000 customers, representing 50% year-over-year growth, and the total protection amount has increased to HK$90 billion. The company’s Annual Recurring Revenue rose to over HK$250 million, making it the highest among virtual insurers. Bowtie also further solidified its market-leading position in the direct insurance channel in terms of the number of policies sold, ranking first for seven consecutive quarters[8].

“We are thrilled that Bowtie joins the top 10 life insurers in just 5 years, in terms of the policies sold among all channels2.” said Fred Ngan, Co-Founder and Co-CEO of Bowtie. “We are reaching the $100 billion protection milestone, marking a significant step in addressing Hong Kong’s protection gap. Our success is a testament to the trust and confidence our customers have placed in us and the digital model for pure-protection products.”

Delivering on Service Promises

In the past year, Bowtie continued to upgrade its VHIS product series, introducing new services to meet evolving needs. Also, Bowtie announced a strategic partnership with CUHK Medical Centre and launched the second co-branded VHIS rider, offering a one-stop “Medical Insurance + Wellness” solution.

Since 2019, Bowtie has processed nearly 70,000 claims with an impressive 99.53%[9] approval rate, demonstrating Bowtie’s dedication to delivering on its promises to customers; The company has also handled over 250,000 customer inquiries with a customer satisfaction of more than 90%.

Furthermore, Bowtie invests in customers’ long-term health through preventive care initiatives, contributing to an exceptional retention rate of over 90%.

As a purpose-driven local startup, Bowtie cultivates a company culture and values centered on tackling pressing social issues. Its innovative business model and philosophy has garnered recognition, with case studies featured at the Hong Kong Social Enterprise Forum and covered by Harvard Business Review and Ivey Business Publishing.

Strategic Initiatives to Differentiate

Bowtie’s growth plans received a significant boost with the completion of the HK$272 million Series B2 funding round last September, ranked first globally among insurtech investments in Q3 2023, according to CB Insights[10]. This capital injection fuels investments in its core capabilities in insurtech innovations.

“Bowtie is uniquely positioned with a digital health insurance model,” said Michael Chan, Bowtie’s Co-Founder and Co-CEO. “We’ve stayed true to our purpose of providing health protection. We will continue to invest in technology for the convenience of our customers and to keep improving our own efficiency. We will continue to invest in our service levels to keep up with our growing customer base. And we will increase our investment into healthcare services for our customers. With these investments we’ve set an ambitious aim to become a top three health insurance provider in Hong Kong in three years. This is ambitious but we believe we are also the most focused on this goal.”

Technology innovation has always been Bowtie’s core competitiveness and greatest differentiation. Bowtie is actively incorporating artificial intelligence (AI) in the workflows across all levels, including customer service, software engineering, and marketing.

Over 100 employees within Bowtie are participating in AI innovation projects, such as an fully automatic IT support bot supporting internal team, AI tools helping operations teams improve their workflow efficiency, and AI applications assisting marketing teams for content production, etc.

As a digital insurer, Bowtie places significant emphasis on convenient and friendly service. More services are being added to help customers talk directly to specialists with technical authority in their domains with real decision-making authority, further speeding up service.

“I am very proud of Bowtie’s achievement in just 5 years,” said John Tsang, Bowtie’s Senior Advisor. “Achieving a total protection amount of HK$90 billion through only pure protection is definitely a challenging task. As a home-grown start-up, they have been committed to solving the pain points of Hong Kong society. By unlocking private hospital services for more citizens, Bowtie has relieved the pressure on the public healthcare system; I have full confidence in this team and believe they will inject new energy to the industry.”

[1] Bowtie is the first company authorised by Hong Kong’s Insurance Authority under its Fast Track Pilot Scheme

[2] According to Insurance Authority’s Provisional Statistics for Long Term Business 2023, in the fourth quarter of 2023, Bowtie Life ranked in no.10 in terms of new individual paid policies through all channels in Hong Kong (excluding single premium products)

[3] Data.One: https://data.gov.hk/en-data/dataset/hk-hhb-hhbro-hkdha/resource/ff083869-e2d0-4534-b087-bceccc24ca09 

[4] The Census and Statistics Department: https://www.censtatd.gov.hk/en/press_release_detail.html?id=5515 

[5]The Health Bureau: https://www.healthbureau.gov.hk/statistics/cn/dha/dha_summary_report.htm#:~:text=2019%2F20%E5%B9%B4%E5%BA%A6%E6%9C%AC%E5%9C%B0%E9%86%AB%E7%99%82,%E6%AF%8F%E5%B9%B4%E5%A2%9E%E9%95%B7%EF%BC%883.4%25%EF%BC%89%E3%80%82 

[6] Taking VHIS Standard plan as an example, Bowtie’s price is nearly 30% lower than similar products in the market

[7] Existing customers who have undergone underwriting and a medical examination can have their total sum assured limit increased to a maximum of HK$20,000,000.

[8] According to Insurance Authority’s Provisional Statistics for Long Term Business 2021-2023, Bowtie Life ranked first in number of new individual paid policies through Direct channel in Hong Kong

[9] All insurance products including both individual and group insurance plans

[10] According to the research report of CB Insight , the statistical period is the third quarter of 2023: https://www.cbinsights.com/research/report/insurtech-trends-q3-2023/ 

About Bowtie

The Bowtie Life Insurance Company Limited is an authorised life insurance company and Hong Kong’s first virtual insurer. Its vision is to bridge the medical protection gap and transform the way people access healthcare in Hong Kong. By combining modern technology and medical expertise, Bowtie offers a commission-free and convenient online platform for customers to quote, apply, and claim for medical insurance plans anytime, anywhere. Bowtie is backed by Sun Life Financial, Mitsui & Co, and supported by leading international investors. Currently, Bowtie has raised more than HK$680 million and provided over HK$90 billion of insured value to families. Stay up to date at https://www.bowtie.com.hk/en/.

View original content:https://www.prnewswire.com/apac/news-releases/bowtie-from-startup-to-top-10-life-insurer-in-just-5-years-302159366.html

SOURCE Bowtie Life Insurance Company Limited

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

on

By

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Continue Reading

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

on

By

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

Continue Reading

Technology

Pillsbury Notice of Data Breach

Published

on

By

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP

Continue Reading

Trending