We’ve created a virtual system that can be used by almost any insurance agency, broker, or firm. Our insurance agent services include everything from initial client contact to account management and client database management, as well as projects of any scale.
What is a virtual insurance company?
Virtual Insurance Pro is a US-based company that provides remote insurance services to independent insurance agencies by providing high-quality, cost-effective customer service and back office administration.
What is virtual insurance license?
Your job as a virtual insurance agent is to sell consumers various types of health, life, vehicle, house, and disaster insurance products, as well as add-ons to their existing coverage. Unlike a traditional insurance agent, however, you operate from home and communicate with customers through online chat platforms, email, or phone. Determine what sort of coverage a customer need, assess their risk factors and financial stability to determine whether or not they qualify for coverage, and identify the various types of coverage accessible to them.
How many virtual insurers are there in Hong Kong?
Currently, five digital players four of which were granted licenses by the Insurance Authority in the last two years, and one of which, Blue, converted from a traditional firm to a digital insurer in 2018 must fight in Hong Kong’s crowded market with 160 traditional insurers.
What is Insurtech sandbox?
The advancement of financial technology (Fintech) is critical in bolstering Hong Kong’s position as an international financial center. Fintech has fueled the rapid development of Insurtech in Hong Kong in recent years, ushering the Hong Kong insurance sector into a new era of digitisation, generating new opportunities for the business and boosting the insurance market’s long-term sustainability.
The Insurance Authority (IA) has been pushing Insurtech development in Hong Kong and is committed to creating a regulatory environment that encourages the use of new technology in the insurance sector:
1. Promotional initiatives for insurtech
- Insurtech Sandbox and Fast Track were two experimental initiatives introduced by the IA in 2017 to stimulate the development and implementation of insurtech in Hong Kong.
- Authorized insurers can use the Insurtech Sandbox to test new Insurtech and other technological applications in a controlled environment, demonstrating that the applicable Insurtech application conforms with the IA’s supervisory requirements.
- Fast Track creates a separate queue for new authorization requests from insurers who only utilize digital distribution channels and do not use any traditional distribution channels like as agents, banks, or brokers. Applicants seeking Fast Track authorization must demonstrate a creative and robust business strategy, as well as meet all current regulatory requirements for solvency, capital, and local asset requirements.
- Visit the IA website’s Insurtech Corner for additional information about Insurtech Sandbox and Fast Track.
2. Encouraging interchange and having a close working relationship with the industry
- The IA established the Insurtech Facilitation Team to help the Insurtech community learn about the current regulatory regime, to provide a platform for exchanging ideas about innovative Insurtech initiatives among key stakeholders, and to provide advice on Insurtech-related topics, as needed.
3. The publication of a cybersecurity guideline
- The IA’s Cybersecurity Guideline (GL 20) becomes effective on January 1, 2020. The guideline establishes the baseline cybersecurity standard that approved insurers must meet, as well as the fundamental guiding principles that the IA uses when evaluating the efficacy of an insurer’s cybersecurity architecture. To increase the insurance industry’s cybersecurity resilience, the applicable standards address topics such as strategy design, governance, risk assessment, and reaction plan.
What do u mean by insurance?
An insurer indemnifies another against losses caused by particular eventualities or risks under a contract (insurance). 1. Insurance coverage come in a variety of shapes and sizes. The most prevalent types of insurance are life, health, homeowners, and vehicle.
What is RegTech?
In 2015, the Financial Conduct Authority (FCA) of the United Kingdom established the term RegTech, describing it as “a subset of fintech that focuses on technology that may assist the execution of regulatory requirements more efficiently and effectively than existing capabilities.” In simple terms, it refers to any technology that helps businesses meet their regulatory obligations.
Compliance expenses have risen as the regulatory environment has become more complicated. Noncompliance has often resulted in hefty fines from regulators. Companies have paid $321 billion in fines since the 2008 financial crisis, according to CB Insights. Firms are seeking for solutions to help them lower the risk of non-compliance in this situation.
What is Fintech application?
Fintech apps (also known as financial technology apps) have revolutionized the way businesses operate today. People’s lives have been made much easier as a result of this sector. Fintech companies arose in response to the need for a more efficient financial system.
Around twelve years ago, entrepreneurs teamed forces with finance and banking to form Fintech businesses. According to Juniper Research, mobile banking apps will have roughly 2 billion users by 2020. Fintech companies received up to $55.3 billion in financing in 2019. In China, the total contribution was $25.5 billion, with Ant Financial of Alibaba Group accounting for more than half ($14 billion). As more mobile users save their financial information on their cellphones for future transactions, it will continue to rise. In this blog, we’ll go over the top 13 Fintech apps available right now.
What are the 3 main types of insurance?
In India, insurance can be split into three categories:
- Life insurance is a type of insurance that protects you from Life insurance, as the name implies, is insurance for your life.
- Health insurance is a need. Health insurance is purchased to cover the costs of pricey medical treatments.
What are the 4 types of insurance?
Fire, floods, accidents, man-made disasters, and theft are all covered by general insurance for your house, travel, automobile, and health (non-life assets). Motor insurance, health insurance, travel insurance, and home insurance are all examples of general insurance. A general insurance policy compensates the insured for losses sustained throughout the policy’s term.
What are the 5 main types of insurance?
Losses are unavoidable in life, and the extent to which they affect our lives varies. By providing financial compensation for covered losses, insurance lowers the impact. There are many different types of insurance, but there are a few that are more important than others. Everyone should have five types of insurance: home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance.