Bowtie secures Series C funding to focus on Agentic AI and health innovation

Hong Kong-based virtual insurer Bowtie has secured up to US$70 million in its Series C funding round, bolstering growth in Agentic AI solutions, health innovation and talent development. Led by Sun Life Hong Kong, this marks the largest funding round for digital health insurers in Asia with a direct-to-consumer model. 

The investment aligns with Sun Life’s broader strategy to collaborate with innovative digital companies and enhance insurance accessibility. With Sun Life’s continued support and backing, Bowtie will continue to operate under its current leadership as an associated company of Sun Life, with its own brand identity, distinctive culture and dedicated employee base. 

Bowtie takes pride in its operational efficiency and policy economics, generating over US$100 million in protection amount per employee, US$500,000 ARR per employee, and maintaining the same level of strong unit economics despite the continued growth and scaling, reflecting strong pricing and marketing discipline together with exceptional customer retention, according to the release.

This strategic investment will enable Bowtie to achieve ambitious goals, including securing a top five position in medical insurance in Hong Kong, measured by the number of new medical insurance customers, scaling preventive healthcare initiatives, and expanding into international markets. The funding will further solidify Bowtie’s role as a rising insurer and digital health leader. 

"Bowtie is simultaneously achieving larger scale and faster growth which validates our unique business model and reflects the public’s strong trust in our commitment to treating customers fairly,” said Michael Chan (pictured right), CEO and co-founder of Bowtie.

"Sun Life’s continued partnership reinforces Bowtie’s position as a mission-driven insurer, leveraging technology to better serve customers through simple and transparent products in a friendly digital setting. Going forward, Bowtie will continue to benefit from Sun Life’s strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives. We are grateful for Sun Life’s continued trust and support," he added.

"These results demonstrate the ability of our digital model to deliver exceptional efficiency and impact to customers, especially as we scale. We’re doubling down on our core strengths, focusing on agentic artificial intelligence, health innovation, and talent development. Our investments in these areas will further enhance the customer experience and keep us ahead of the curve.” said Fred Ngan (pictured right), co-founder of Bowtie.

“Sun Life has been a long-term, committed partner to Bowtie for almost seven years. We’re very pleased to strengthen this partnership to support the next phase of growth,” said Clement Lam (pictured middle), CEO of Sun Life Hong Kong. “At Sun Life, we believe in creating possibilities through innovation and creativity. Through our collaboration with Bowtie, we are combining cutting edge technology with deep insurance expertise, to set standards in delivering meaningful and innovative transformation within the Hong Kong health insurance industry."

MARKETING-INTERACTIVE has reached out to Bowtie for more information.

Don't miss: Bowtie closes US$34.9m series B2 funding to fuel expansion and innovation

Back in 2023, Bowtie completed a US$34.9m series B2 funding round to bolster its innovation offering and fuel expansion. The round was also led by main investor Sun Life Hong Kong, with further participation by Mitsui & Co.

With the funding, Bowtie aimed to further expand its operations and technologies to fill Hong Kong's US$886 billion protection gap. Bowtie also aimed to accelerate product innovation and vertical integration with healthcare providers to create differentiations that fundamentally change the customer experience.

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