Axa Hong Kong and Macau has partnered with insurtech product development platform CoverGo.
The aim is to increase Axa’s service efficiency by increasing speed to market for new products and to improving the overall customer experience.
Hong Kong-based CoverGo is an insurtech that offers a platform to allow companies to build, distribute and manage insurance products, policies and claims.
CoverGo has been expanding in the Asia market, and signed a similar deal in May with Axa Thailand, to improve the efficiency of the company’s health insurance services there.
The company was founded in 2017, with a mission “to empower insurance companies to make insurance 100% digital and accessible to everyone”.
The first Axa plan to be available on the platform is the company’s newly-launched SmartHelper Plus which provides support for foreign domestic helpers, as well as protection plans for local domestic helpers and post-natal care helpers.
While SmartHelper Plus is largely to protect the employer of the domestic worker, it also offers several medical benefits for the employee. That includes immediate medical benefit with no excess, covering clinical, surgical and dental expenses for accidents and illnesses, as well as for cancer and critical illness.
The market for a product for domestic workers is relatively large in Hong Kong, the insurer said, with more than 350,000 foreign domestic workers representing close to 5% of the population, many coming from the Philippines and Indonesia.
Kenneth Lai, chief general insurance officer of Axa Hong Kong and Macau, said: “As digital transformation has become a prevalent market trend, we are excited to collaborate with Covergo to bolster our digitalisation endeavours.
“By utilising the digital distribution platform, we can enhance our capabilities and achieve a faster time-to-market, resulting in added value for our business.”
Tomas Holub, founder and CEO of CoverGo, said: “We are delighted to assist Axa on their journey towards digital transformation.
“Axa has shown a clear commitment to digitising and streamlining its insurance ecosystem in an efficient and scalable way using CoverGo’s cutting-edge no-code core insurance platform.
“It’s also a validation of CoverGo’s insurance capabilities, with leading insurers across the globe adopting our platform. We look forward to growing our collaboration with Axa across many products and markets.”