KoverNow Launches Digital Insurance Platform in Hong Kong Market

KoverNow, a digital insurer with its headquarters in Singapore, has formally entered the local market after receiving permission from the Hong Kong Insurance Authority (IA) to function as a licensed insurance agency. Following this clearance, the business released its digital insurance platform, allowing customers to utilize its iOS and Android mobile app to obtain coverage for luxury items and collectibles.

While awaiting regulatory approval, KoverNow in Hong Kong has been preparing for its Hong Kong debut by forming alliances and developing a presence in the market, according to John Trotter, managing director.

“We are a fully licensed agency with the backing of expert insurance companies, so our customers can be sure that our policies will be suitable for their needs,” he said.

Customers can manage insurance for personal valuables like designer handbags, jewelry, and expensive watches via the KoverNow app. In order to enable policyholders to modify coverage as their collections grow, the organization provides a versatile digital platform.

The growth of KoverNow is in line with general market trends, as insurers keep spending money on digitization to boost productivity and broker involvement.

In addition to its direct-to-consumer business strategy, KoverNow is working with high-end stores via its Partner Program, which enables companies to present insurance choices to clients at the point of sale. By incorporating accidental damage, theft, and loss coverage into the shopping process, the project improves consumer protection without needing businesses to carry out intricate integrations.