Bowtie is a digital insurer focused on commission-free, pure-protection health and life insurance products, with VHIS plans as its flagship offering and additional critical-illness and term-life products. The company serves both individual customers and group clients, covering about 140,000 customers and 20,000 employees across 500 companies. Operating metrics include over HK$90 billion in total protection amount, annual recurring revenue above HK$250 million, roughly 1,000 new VHIS customers per month, and 50% year-over-year customer growth. Bowtie reports high service metrics: nearly 70,000 claims processed since 2019 with a 99.53% approval rate, over 250,000 customer inquiries handled, customer satisfaction above 90%, and retention exceeding 90%. The product suite has been expanded (including higher maximum sum assured up to HK$20 million) and Bowtie has formed partnerships such as a co-branded VHIS rider with CUHK Medical Centre. The company is investing in insurtech and AI across operations, aiming to improve efficiency and customer service and to become a top-three health insurer in Hong Kong within three years. Bowtie is a Hong Kong-based digital insurer that plans to offer a range of health-focused insurance products to Hong Kong consumers. It operates under Hong Kong Insurance Authority's "virtual" insurer license and will not maintain any physical presence for consumers, aiming to pass cost savings to customers and provide a more transparent online sign-up and claims experience. The company, founded just over one year earlier by co-CEOs Michael Chan and Fred Ngan, plans to launch in the first half of 2019. Bowtie announced a HK$234 million (about $30 million) Series A funding round to support platform and operations build-out. Management says it will operate independently of investor Sun Life Hong Kong with no customer- or data-sharing, while remaining open to potential future collaboration and regional expansion only after proving the model. Bowtie intends to base its development team in Hong Kong, supplementing hires with overseas talent where needed, and has recruited insurance hires from firms such as AIA, AXA, Chubb, Manulife, Prudential and Sun Life.

Total raised

$65M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2023