Avo Insurance has formed a partnership with New York-based tech firm Two Sigma to strengthen the development of insurance technology in Hong Kong.
In this partnership, Two Sigma will provide data analytics and technology support in four key areas: data analytics; precision marketing and channel optimisation; dynamic pricing; and fraud detection.
Avo can also enhance its offerings from a variety of protection products to a virtual insurance journey for consumers, enhancing the current business model and risk-assessment process.
“Leveraging the experience and technological support of Two Sigma, Avo is determined to deliver breakthroughs to the traditional advisory model and usher in a digital experience that fits our clients’ needs,” said Winnie Wong, executive director and CEO of Avo Insurance.
“As the first general virtual insurer in Hong Kong, we are ready to transform the insurance client experience by continuously investing in cutting-edge technology.”
Speaking of the partnership, Kenny Lam, CEO of Two Sigma Asia Pacific, commented: “The insurance industry is changing rapidly, and with our experience, we hope to help advance unique insurance technology initiatives to support the insurance industry development in Hong Kong.”