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DirectAsia.com Shake-up of Hong Kong Insurance Industry

DirectAsia.com Shake-up of Hong Kong Insurance Industry
Press Release | General | 22 March 2012

HONG KONG, March 21, 2012 - DirectAsia.com, a new direct-to-consumer insurance company, today launched its operations in Hong Kong. Providing instant and convenient access to insurance needs online, DirectAsia.com offers customers car and travel insurance, through its website - www.DirectAsia.com.hk - and on the phone at: 2884 8888. Further services, including online home and personal accident insurance, will be progressively rolled-out over the year.

As Hong Kong’s first dedicated online provider of direct insurance, offering customers a comprehensive range of insurance services, value for money, 24/7 service and real consumer choice for the first time, DirectAsia.com is set to fundamentally change the face of the local insurance industry

“DirectAsia.com is very different from existing, traditional Hong Kong insurers in delivering direct, highly personal and extremely cost effective online insurance services that make the process of understanding and choosing your individual insurance needs simple and effective,” said Simon Birch, Chief Executive Officer, DirectAsia.com Group.

“We are launching a direct insurance business model after listening to what consumers in Hong Kong have told us about the escalating cost and lack of innovative insurance choices, which we believe is inherent in what in Hong Kong is an outdated and essentially self-serving industry.”  

DirectAsia.com provides insurance customers with greater value through lower premiums - in some cases as much as 30% on traditional agent-sourced premiums - increased, more transparent and more tailored product choices; and fast, efficient claims services achieved by establishing a direct relationship with the customer, eliminating the need for expensive insurance agents and middle men.

Cutting edge technology supports a user-friendly one-stop, insurance portal, providing customers with the convenience of 24-hour access for obtaining insurance quotes, purchasing policies with instant cover and for making insurance claims. Customers also enjoy greater flexibility in choosing the level and type of protection they want – simply paying for what they personally need. The site is fully supported by a fully-staffed contact centre; 24-hour emergency service support and a customer walk-in office.

“Since launching DirectAsia.com in Singapore in 2010, we have experienced a rapid uptake in our service, where we have claimed more than 3.5% of the market share and currently handle over 20,000 individual policies,” said Mr. Birch.

“In Australia and the UK the direct insurance model has grown to dominate the sale of the types of general insurance products being offered by DirectAsia.com. This model is growing aggressively, accounting for 65% of the UK market and 90% in Australia. The question has to be asked, if it has been so successful in other parts of the world why is it that it has taken a new, forward thinking, company like DirectAsia.com to introduce this to Hong Kong?

‘We believe the answer is that outdated, restrictive practices and legacy sales methods conducted by many of the biggest international insurance companies are deliberately depriving insurance customers in Hong Kong of freedom of choice whilst actually increasing their cost of insurance.”

‘Over the last 4 years we have assembled an exceptional team of leading insurance experts and sourced industry-leading products and best-practices from around the world. As has been demonstrated by our success in Singapore, we are very confident that DirectAsia.com will offer customers in Hong Kong with tremendous value for money, greater product choice and effective and efficient customer service – representing, for the Hong Kong consumer, a radical change for the better when dealing with insurance in Hong Kong.”

About DirectAsia.com

DirectAsia.com is a new and innovative direct online insurance provider that began operations in June 2010 in Singapore. As a dedicated direct personal lines insurer, DirectAsia.com provides fast and easy access to insurance needs online. Direct Asia Insurance (Hong Kong) Limited (‘DirectAsia.com’) is fully licensed and regulated by the Office of the Commissioner of Insurance (OCI). DirectAsia.com provides car, motorcycle and travel insurance through our online website – DirectAsia.com.hk, over the phone and our customer service centre in Wanchai. DirectAsia.com is fully owned by Whittington Group, an international insurance investment business headquartered in Singapore, and is reinsured by some of the world's leading reinsurers.

For more information on DirectAsia.com online insurance, please visit http://www.directasia.com.hk/

Or www.facebook.com/DirectAsiaHongKong,

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