The Hong Kong arm of insurance provider Manulife has rolled out a virtual face-to-face agency sales platform which will allow the firm to sell all individual insurance products.
Clients will be able to get cover without physical meetings or ‘wet’ signatures.
The only products it will not be able to sell through the digital platform are investment-linked assurance schemes (Ilas).
The firm said it is among the first wave of insurers that have been greenlighted to carry out virtual sales in the market.
The offering is approved by Hong Kong’s Insurance Authority and was developed through the regulator’s Insurtech Sandbox.
Clients, however, will still be able to talk with Manulife’s agents to discuss financial needs and product details via video calls and screen sharing tools through an encrypted network.
The outbreak of coronavirus has forced financial services firms to rethink the way they operate and quickly adapt to digital processes, as they have been the only viable ones during lockdown.
“We’ve continued to see a strong demand for insurance products as people become more health-conscious and think of their protection needs due to the covid-19 pandemic,” said Damien Green, chief executive of Manulife Hong Kong and Macau.
“The recent facilitative measures and Insurtech Sandbox from the Insurance Authority have created a prime opportunity for us to do the right thing for customers, breaking the short-term constraint on face-to-face meetings with a new insurtech solution.
“It has the potential to become a meaningful alternative to traditional in-person face-to-face meetings, for customers who want choices and greater ease and convenience.”
The platform went live on 15 June 2020, and current or potential clients will be able to buy products including, life, savings, critical illness, medical protection and retirement plans virtually.