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

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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/.

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SOURCE Bowtie Life Insurance Company Limited

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Kidney Patients Back Bipartisan Bill to Expand Disability Employment

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U.S. Representatives Hoyer and Sessions Lead AbilityOne Modernization Bill

Kidney Disease and Jobs are Focus of National Disability Employment Month

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The American Association of Kidney Patients (AAKP), the nation’s oldest and largest independent kidney patient advocacy organization, today announced plans to accelerate national grassroots patient advocacy in support of bipartisan legislation that will modernize the federal AbilityOne program. The American Procurement Improvement Act (APIA), H.R. 10443, is championed by U.S. Representatives Pete Sessions (R-TX) and Steny Hoyer (D-MD). AAKP defines kidney disease as both an American healthcare and workforce issue and fights to expand career opportunities and job protections for all Americans impacted by kidney disease, disabilities, and chronic diseases.

The AbilityOne program creates private sector employment opportunities for over 41,000 Americans with severe vision and other disabilities, including nearly 3,000 American Veterans. In FY 2025, the program generated nearly 48 million direct labor hours, an 8 percent increase and a significant measure of disability employment growth, with workers working and working more hours. AbilityOne delivered more than $4.7 billion in products and services to the Federal government in FY 2025 and drew discouraged workers into the U.S. labor force while supporting greater workforce participation, increasing economic independence, and self-sufficiency. The AbilityOne mission taps the underutilized workforce of people with significant disabilities to deliver high-quality, mission-essential products and services to federal agencies, including the U.S. Department of Defense and the U.S. Department of Homeland Security.

The APIA legislation removes outdated statutory barriers to hiring, retention, advancement, and movement into careers of choice, including emerging fields and new lines of business. It also modernizes federal procurement by aligning AbilityOne with contemporary procurement practices and streamlines procurement processes so the program can respond faster to emerging federal agency priorities. The APIA legislation protects taxpayer interests, strengthens program accountability and stewardship by preserving oversight, transparency, and worker protections while modernizing AbilityOne Commission authorities. The legislation is seen as an opportunity to improve federal procurement and strengthen the federal government’s domestic supplier base.

Over 36 million Americans live with kidney disease, over 600,000 are on dialysis, and nearly 100,000 are awaiting a kidney transplant. Further, interrelated cardiovascular, kidney, and metabolic diseases have impacted more than 25% of the adult population and are a leading cause of death. More broadly, the American Heart Association estimates that 90% of U.S. adults, or about 240 million people, have some degree of interconnected cardiovascular, kidney, or metabolic health conditions. For kidney patients dependent upon status-quo, in-center hemodialysis, burdensome thrice-weekly dialysis sessions force many patients, against their own choosing, into unemployment, disability, and dependency. AAKP believes dialysis-related unemployment, and the associated costs borne by families and taxpayers, is one of the media’s least-reported stories in legacy kidney care. AAKP’s policy agenda focuses on transplant readiness, more opportunities for organ transplants, more flexible, patient-centered home dialysis solutions, and stronger job protections for both kidney patients and living organ donors.

AAKP President Edward V. Hickey, III, a chronic kidney disease patient, stated, “AAKP strongly endorses the American Procurement Improvement Act (APIA) and expresses our deepest gratitude to Representatives Steny Hoyer and Peter Sessions for their bipartisan leadership and commitment to Americans managing disabilities and their efforts to secure meaningful employment opportunities with solid wages. People impacted by disability and chronic diseases face tremendous hurdles to continued employment and return to the workforce – especially America’s proud Veterans. This legislation reflects consensus language among stakeholders, including advocates, employers, and organized labor, and sends a very positive message, amid national economic concerns, that the voices and needs of disabled Americans and their families are heard and not forgotten by the U.S. Congress. We encourage Congress to step up and pass this legislation before the close of the year.” Hickey is a U.S. Marine Corps Veteran, a former senior congressional aide, and has served in appointed roles in two presidential administrations, including the U.S. Department of Commerce (DOC) and the U.S. Office of Personnel Management (OPM). At OPM, he was heavily involved in policy issues related to federal Veterans preference in civil service hiring and expanded federal job opportunities. He currently serves on the American Board of Internal Medicine’s (ABIM) Nephrology Specialty Board and as the Chair of the AAKP Veterans Health Initiative, the largest kidney health outreach program outside of the U.S. Department of Veterans Affairs.

October is National Disability Employment Month, and AAKP and its allies remind elected and appointed government leaders to address health and employment concerns that impact patients, families, and communities. Through multiple partnerships, AAKP leads the kidney community in providing kidney patients and transplant recipients, including Veterans, access to virtual job fairs and employment skills training opportunities. AAKP is currently sponsoring virtual job fairs, in partnership with CareerEco, on January 13, 2027, and May 18, 2027, that will service Veterans and military families. AAKP’s past collaborations have included webinars with Idealist and virtual disability and Veteran hiring fairs with Bender Consulting.

AAKP Vice President and Chair of Policy and Global Affairs Paul T. Conway, a 49-year kidney patient and 29-year transplant recipient, stated, “The AbilityOne program has supported private sector employment for people managing disabilities and chronic diseases for nearly ninety years and reflects the exceptional American values of self-reliance and independence. Representatives Steny Hoyer and Pete Sessions have consistently shown respect for the creativity, talents, and skills of disabled citizens and have dedicated their public careers to expanding job opportunities in the workforce and across the federal supply chain. The American Procurement Improvement Act increases accountability for taxpayer funds and will result in more well-paying jobs for Americans whose desire and capacity to work and contribute are underappreciated.” Conway is a former Chief of Staff for both the U.S. Department of Labor and the U.S. Office of Personnel Management and a former Deputy Secretary for Health and Human Resources for the Commonwealth of Virginia. He has overseen multiple federal and state disability employment, workforce training, and health service programs throughout his public career. He is the past Chair of the U.S. Food and Drug Administration’s Patient Engagement Advisory Committee (PEAC) and serves on the Observational Study Monitoring Board of the Kidney Precision Medicine Program (KPMP) administered by the National Institutes of Health, National Institute of Diabetes, Digestive and Kidney Diseases (NIH/NIDDK).

To advance the APIA, AAKP is working with former U.S. Representative Tony Coelho, Chair of the Partnership to Improve Patient Care as well as the Alliance for Expanding America’s Workforce. Along with AAKP, APIA is endorsed by over 60 national patient and disability organizations, labor unions and employers including the American Association of People with Disabilities, SEIU, Bender Consulting, National Council of SourceAmerica Employers, CEO Commission for Disability Employment, the Arc of the United States, National Organization on Disability, National Down Syndrome Society, National Disability Rights Network, National Federation of the Blind, Melwood Inc., WORK Inc., ORC Industries, Employment Source, Opportunity Center, Inc., PARC, ACHIEVE Human Services, Inc., Human Technologies, InspiriTec, PORTCO Inc, PRIDE Industries, Phoenix, Pueblo Diversified Industries, and the Association of People Supporting EmploymentFirst (APSE).

AAKP, alongside a broad and diverse coalition of patient organizations, transplant experts, and Congressional allies, is also working to secure passage of the Living Donor Protection Act (LDPA), S. 1552/H.R. 4582 and H.R. 4583, in 2026. The bipartisan bill protects living organ donors from job and insurance discrimination based solely on their decision to donate a kidney to save another life, barriers cited most often by potential organ donors. The bipartisan legislation is led by Senator Tom Cotton (R-AK) and Senator Kirsten Gillibrand (D-NY). It was voted out of the Senate HELP Committee on February 26, 2026, with full bipartisan support, the endorsement of AAKP, the larger kidney community, and the American Council of Life Insurance (ACLI).

In 2018, with bipartisan support from Congress and the Trump Administration, AAKP and transplant professionals worked with the U.S. Department of Labor’s (DOL) legal team and the DOL Wage and Hour Division to have DOL issue Family and Medical Leave Act (FMLA) protections for living organ donors, based on the original intent of the FMLA’s Congressional co-sponsors (click here to read the letter and click here to watch the video). Congressional passage of the LDPA in 2026 will codify the DOL’s 2018 FMLA job protections and prohibit insurers from discriminating against living donors. Increased living organ donation, improved transplant readiness among kidney patients, and greater opportunities for transplantation have been national goals for decades and were reinforced in 2019 through the Executive Order on Advancing American Kidney Health.

Follow AAKP on social media at @kidneypatient on Facebook, @kidneypatients on X, and @kidneypatients on Instagram, and visit https://aakp.org/ for more information. AAKP patient advocates advance bipartisan kidney policy including: passage of the bipartisan law modernizing the Organ Procurement and Transplantation Network (OPTN) (2023); lifetime transplant drug coverage for kidney patients (2020); the historic Executive Order on Advancing American Kidney Health signed by President Donald Trump (2019); job protections for living organ donors under the Family Medical Leave Act (FMLA) via the U.S. Department of Labor (2018); and Congressional approval of HIV positive organ transplants for HIV positive patients (2013).

MEDIA CONTACT:
Brendan LaCivita
National and Medical Media Specialist
blacivita@aakp.org
(813) 906-7740

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SOURCE American Association of Kidney Patients

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BioVid Launches Mimetics™, AI Research Audiences Built on How Physicians Reason and Decide

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Modeling physician response patterns and behavior, showing an 80–90% match with real physicians on content, reasoning, and emotion. 

BRISTOL, Pa., Oct. 23, 2026 /PRNewswire/ — BioVid, a life science consultancy, today announced the launch of BioVid Mimetics™, a research platform that gives pharmaceutical teams mimetics: synthetic physician audiences modeled on how those audiences reason and decide. Its respondent models are grounded in BioVid’s proprietary MindSet Modeling™ program, large-scale, multi-specialty surveys of practicing physicians that measure the mindsets shaping how they process information, make judgments, and decide. The models are aligned with secondary data on clinical practice, moving beyond generic AI role-play to model the decision logic behind treatment choices.

Like a mimetic drug, each BioVid mimetic is tested against the original: real physicians.

Prescribing data shows what physicians choose, not why. Pharma teams now face more of those “why” questions than research budgets and timelines can absorb. BioVid Mimetics™ applies the social and behavioral science of clinical judgment to model how physicians interpret evidence, weigh benefit against risk, and decide when they know enough to act.

The name comes from pharmacology, where a mimetic earns trust by doing the work of the original molecule. Every BioVid mimetic is tested against that standard, bringing the firm’s long-standing commitment to science-based research to a new method.

“At BioVid, we’ve always believed that better commercial decisions start with a deeper understanding of human behavior,” said Peggy Hirtle, CEO of BioVid. “Our goal was never simply faster or cheaper respondents. It was to reflect how physicians actually reason, with the same scientific rigor clients already trust from BioVid. Mimetics is a new way to put human understanding to work, never a replacement for it.”

“A synthetic respondent can sound right and still reason wrong. The real test is whether it reasons the way the audience does,” said Marco Barcella, Executive Director, Product & Technology at BioVid. “Where the decision warrants, we run the same study with a human cohort and a mimetic cohort and compare the findings, the reasoning, and the mental and emotional responses directly. Clients see where mimetic findings hold and where human research should lead.”

In BioVid’s validation work to date, mimetic and human cohorts have shown an 80% to 90% match on content, reasoning, and emotion across thousands of parallel tests.

BioVid Mimetics™ is available off the shelf or tailored with a client’s own primary research. It supports message and concept testing, positioning, drivers and barriers, segmentation, and opportunity assessment, and includes:

Mimetic Respondents: Mimetic or hybrid studies, with mimetic fieldwork complete in one to two weeks after receipt of required inputs, followed by a full report and readout from BioVid’s research team.

Mimetic Segments App: Segments that client teams question directly, share materials with, and return to between research waves.

Client Customization: Models tailored with a client’s own research, segment profiles, and CRM data, exclusive to that client and firewalled from all others.

To learn more, visit www.biovid.com/mimetics. 

About BioVid

BioVid is a life science consultancy applying behavioral science and AI to commercial and market access strategy. Its offerings include the CIAIRA™ AI platform, Tumor Worlds™, and BioVid Mimetics™. BioVid is a recognized leader in new product demand estimation, commercial communication optimization, and customer and patient segmentation research.

Visit www.biovid.com.

Media Contact:
Sal Zerilli, PhD, Executive Director, Knowledge and Innovation, BioVid
szerilli@biovid.com | 267.201.4008

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SOURCE BioVid

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Egan-Jones Finds Steady CLO Credit Metrics as Interest Rates Turn Higher

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Egan-Jones released its monthly report on the collateralized loan obligation (CLO) market, finding that credit metrics across the deals it rates held steady even as interest rates and high-yield spreads moved higher in September. For investors, the publication sets these steadier portfolio measures against a tighter rate backdrop.

Among Egan-Jones’ measures, the weighted average rating score, a gauge of the default risk in a deal’s underlying loans where a lower score indicates stronger credit, has improved over the past year. The share of assets rated CCC+ or lower, the weakest tier of loan ratings, has been stable to slightly lower, with a median of 6.1%. As of September 2026, Egan-Jones rated 1,568 CLO deals.

The steadier metrics come as financing conditions shift. The 5-year Treasury yield rose 60 basis points to 5.09%, its highest close of 2026, and on September 16 the Federal Reserve raised rates by 25 basis points, its first increase since 2023. High-yield spreads widened to 312 basis points from their late-August low, while new CLO issuance totaled 91 deals ($38.2 billion), down 12.5% by count from a year earlier.

Higher rates cut both ways for CLOs, according to the analysis: coupons on the underlying loans reset upward, but so do the interest burdens of the borrowers. Egan-Jones points to rising loss severity on distressed exchanges and other selective defaults, and identifies software loans, pressured by concerns over disruption from artificial intelligence, as the weakest sector in CLO portfolios.

Egan-Jones also compares its ratings with those of other agencies across 20 deals, ranking the tranches where views differ most. On that comparison, Egan-Jones currently tends to take a more positive view of CLO credit quality than other credit rating agencies. A full sample rating report on MP CLO VIII, whose largest industry exposure is High Tech Industries at 15.9%, is included.

Taken together, the findings describe a market in which issuance has eased and borrowing costs are rising, while the credit profile of Egan-Jones-rated portfolios remains stable. Watching where pressures such as software exposure and loss severity are building may help investors assess CLO risk as the rate cycle turns.

About Egan-Jones Ratings
Egan-Jones, an NRSRO founded in 1995, offers timely and accurate credit ratings and proxy services.

Media Contact:
sales@egan-jones.com
+1 212 425 0460

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SOURCE Egan-Jones Ratings Co.

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