HSBC Life taps key channels to grow its HK footprint

The life insurer wants to offer solutions beyond traditional products, its CEO says.

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HSBC Life (International) Ltd. wants to harness its broker, bancassurance and digital channels to capture more customers in Hong Kong, whilst using disruptive technologies to improve and automate its traditional insurance business, according to its top official.

“We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region,” HSBC Life chief executive officer Daisy Tsang told Insurance Asia. “Our strategic focus will be on collaborating with high-quality partners with specialised expertise to help us access untapped customer segments and enhance our customer interactions.”

These include partnerships with so-called insurtech firms to leverage artificial intelligence capabilities, she added, as the sector rebounds from a decline that started at the height of the COVID-19 pandemic in 2021.

The recovery is expected as Hong Kong’s economy tries to regain its growth momentum amidst easing travel restrictions.

Tsang, who has been with the HSBC group for more than two decades, said her vision for HSBC Life, Hong Kong’s leading life insurer, is to become the leading provider of complete wealth and health solutions in the city and nearby Macau, beyond traditional insurance products.