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Hong Kong life insurer eyes JV on mainland
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FWD Life Insurance Co, an asset of Hong Kong tycoon Richard Li, yesterday said it is seeking to set up a joint-venture life insurer on China’s mainland in two years to tap the booming Internet finance market.
Hong Kong-based FWD has opened its representative office in Shanghai to help look for partners strong in Internet, medical services and pension management, with which it could combine insurance sales and service using the Internet.
The office, which cannot sell products yet, will study the market and map out a business strategy, said David Wong, CEO of FWD in China.
“As a late comer compared with many other foreign insurance companies, we have to find a new business model to be competitive,” said Wong. “We will still develop inclusive sales channels including agents, brokerages, bancassurance, but we will use more of the Internet in every aspect of our operation.”
He said FWD will partner a technology firm than a bank.
By using the Internet, FWD could tap a potential regulatory relaxation that may allow insurers to sell some products in areas where the company doesn’t have a branch.
China’s mainland offers huge potential for health care insurance, especially at the middle-class level, Wong said.
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