Italian insurance major Generali has formed a new bancassurance partnership with Hong Kong-based digital lender ZA Bank.
The tie-up, which is believed to be the first of its kind in Hong Kong, will see the local arm of Generali offer life insurance products on the ZA Bank App.
It is part of Generali’s efforts to leverage bancassurance distribution to drive sustainable growth.
Using the digital bank’s app, customers will be able to access cover details, schedule meetings with insurance advisors, make payments and review insurance policy documents.
Initially, Generali Hong Kong will launch five life insurance products on the app that will cover savings, critical illness, retirement, life protection with the return of premium and Qualifying Deferred Annuity Policy.
Generali Life (Hong Kong) CEO and Assicurazioni Generali S.p.A – Hong Kong branch general manager Davide Glavina said: “This insurer-virtual bank partnership allows Generali to combine our legacy of knowledge with ZA’s expertise in fintech and their entrepreneurial spirit to devise unique and innovative offerings that empower customers. With this shared vision, we are confident of capturing, unleashing and creating new possibilities that benefit the broader community.”
ZA Bank CEO Rockson Hsu said: “Looking forward, with our aspiration to become users’ main bank covering their holistic financial needs, we will forge into the insurance ecosystem by collaborating with the industry enablers.
“The partnership with Generali is a significant step for us to reimagine insurance with technology and strengthen trust with our users. Creating sparks between a 190-year-old insurance group and a new digital bank, our partnership is a key milestone that we expect will be a big hit with users.”
Last month, Generali acquired a majority stake in the Indian life insurance joint venture, Future Generali India Life (FGIL).